2015/16 INTRODUCTION TO FULL-TIME STUDENT FINANCE INFORMATION FOR PRACTITIONERS

2015/16 SESSION CONTENTS i Section 1 – SFE, Eligibility & Student Finance 2015/16 Section 2 – Applications & Information Section 3 – Student Loan Repayments Section 4 – SFE Resources

2015/16 SFE & GENERAL ELIGIBILITY SECTION 1

2015/16 SECTION TITLE IN HERE SUBHEADER IN HERE SECTION 3 SFE – An Introduction General Eligibility The Student Finance Package Student Finance England

SECTION /16 Student Finance England provide financial support on behalf of the UK Government to students from England entering higher education in the UK The two main costs full-time students will have while studying are tuition fees and living costs SFE make finance available to help students with both Depending on their circumstances, course and where they study, students may be able to get a range of financial help and support This includes grants and bursaries (which don’t have to be paid back) and loans (which do) STUDENT FINANCE ENGLAND AN INTRODUCTION

SECTION /16 SECTION TITLE IN HERE SUBHEADER IN HERE SECTION 3 SFE - An Introduction General ELIGIBILITY The Student Finance Package Student Finance England

SECTION /16 Students need to meet certain residency criteria in order to be eligible for financial support from SFE Settled status – can live in the UK without any Home Office restriction Ordinarily resident in England on the first day of the first academic year of their course Been living in the UK for the three years immediately prior to this date Tuition fee support only, without meeting residency requirements for European Union students* *Exceptions exist for certain groups of students i *EU students must have lived within the EEA for 3 years prior to the first day of the first academic year of the course GENERAL ELIGIBILITY RESIDENCY

SECTION /16 If the student, their spouse, civil partner, parent/step-parent are recognised by the government as a refugee and lived in England since this status was awarded If the student, their spouse, civil partner, parent/step-parent, have been granted Humanitarian Protection to stay in the UK by the Home Office, resulting from a failed asylum application and meet the standard residency requirements EEA /Swiss migrant workers and the children of Swiss nationals and Turkish workers may also qualify for tuition fee loans and additional support if they meet the set employment or residency requirements i If there is any doubt surrounding residency status/eligibility for funding, students should call the SFE helpline GENERAL ELIGIBILITY EXCEPTIONS

SECTION /16 Courses must be of a certain type and be leading to a recognised higher education qualification including: First Degree (BSc, BA, BEd) Foundation Degree (FdA, FdSc, FdEng) Higher National Diploma or Higher National Certificate (HND/C) Diploma of Higher Education (DipHE) Postgraduate Certificate of Education (PGCE) The HE provider must be publicly funded (by UK Government) or privately funded but running individual courses receiving public funding as designated by HEFCE/BIS i Further information on course designation and applications can be found at - GENERAL ELIGIBILITY COURSE AND UNIVERSITY/COLLEGE ELIGIBILITY

SECTION /16 General rule – Tuition Fee Loan available for full length of the student’s first undergraduate course, plus one additional year if needed Individual circumstances of the student (including any extenuating circumstances) can affect eligibility Students may still be eligible for Maintenance Loan support only if they already have an equivalent or higher level qualification and study an ‘exception course’ leading to a professional qualification* Example based on standard 3 year F/T course + 4 years support 15/16 16/1717/18 Extra Year = i *Doctor, Dentist, Veterinary Surgeon, Architect, Social Worker, ITT, Course attracting means tested Healthcare Bursary (NHS) GENERAL ELIGIBILITY PREVIOUS STUDY

2015/16 THE STUDENT FINANCE PACKAGE* SECTION 1 *All figures used in this section are subject to final approval of the 2015/16 student finance policy

2015/16 SECTION TITLE IN HERE SUBHEADER IN HERE SECTION 3 TUITION FEE Loan Maintenance Support Extra Support Student Finance Package

SECTION /16 Universities and colleges* can charge new full-time students up to £9,000 per year in tuition fees Eligible students won’t have to pay any tuition fees up front* A Tuition Fee Loan is available to cover the fee charged by a university or college** A Tuition Fee Loan doesn’t depend on household income SFE pay any Tuition Fee Loan directly to a university or college The loan is repayable, but only when a student’s income is over £21,000 *Publicly funded institutions **Up to £6,000 for approved courses at private providers TUITION FEES AND LOANS AN OVERVIEW

SECTION /16 Tuition Fees will be paid to a HEI at three points in the academic year Liability Date % of Tuition Fee Loan student will be liable for First day of Term 1*25% First day of Term 225% First day of Term 350% *Two weeks after Term 1 start date for part-time courses Interest on the loan will be charged from the day payment is made to the university/college, not from the liability date i TUITION FEES AND LOANS LIABILITY DATES

SECTION /16 Policy for students starting their courses on or after 1 st September 2012: Students on sandwich placements will be charged 20% of the maximum full-time tuition charge – Maximum charge of £1,800 Students on Erasmus placements will be charged 15% of the maximum full-time tuition charge – Maximum charge of £1,350 Students on overseas placements will be charged 15% of the maximum full time tuition charge – Maximum charge of £1,350 TUITION FEES AND LOANS SANDWICH AND PLACEMENT YEARS

2015/16 SECTION TITLE IN HERE SUBHEADER IN HERE SECTION 3 Tuition Fee Loans MAINTENANCE Support Extra Support Student Finance Package

SECTION /16 Maintenance support is available to help students with their living costs while in higher education There are two main types of support, Maintenance Loan (repayable) and Maintenance Grant (non-repayable) All eligible students are entitled to receive some Maintenance support The amount of Maintenance Loan a student gets depends on where they live and study Maintenance support is paid directly into a student’s bank account each term MAINTENANCE SUPPORT AN OVERVIEW i The maximum Maintenance Loan levels have been increased by 3.34% for 2015/16

SECTION /16 London Live away from home & study in London Up to £8,009 £ Elsewhere Live away from home & study outside London Up to £5,740 £ Parental Home Live at home while they study Up to £4,565 £ MAINTENANCE LOAN MAXIMUM LEVELS 2015/16 If studying overseas as part of a UK course, Maintenance Loan support is still available. Up to £6,820 for 2015/16 i

SECTION /16 Full-Year Student* 65% Non Means Tested 35% Means Tested Maximum Loan Parental Home£2,967£1,598£4,565 Elsewhere£3,731£2,009£5,740 London£5,205£2,804£8,009 Overseas£4,433£2,387£6,820 i Additional loan may be available for any extra weeks of study if a course goes beyond 30 weeks in an academic year *Lower rates are available to final year students MAINTENANCE LOAN MAXIMUM LEVELS 2015/16

SECTION /16 The Maintenance Grant doesn’t have to be repaid How much grant a student gets depends on their household income (100% means tested) Full Grant: £3,387 Partial Grant: (Min £50) Household Income: Up to £25,000 Household Income: Up to £42,620 MAINTENANCE GRANT SUPPORT AND MEANS TESTING Household income is the taxable earned and unearned income of the parents/partner a student lives with most of the time i

SECTION /16 Students are considered independent if they: (Amongst other criteria) Have care of a person under the age of 18 Are 25 or over on the first day of the academic year Are permanently estranged from their parents Are leaving the care of the local authority If over 25, have care of a young person, are married* or have supported themselves financially for 3 years before starting their HE course, parental income won’t be taken into account when assessing students entitlement MAINTENANCE SUPPORT INDEPENDENT STUDENT STATUS *If married or in a civil partnership, SFE will take into account the income of the student’s husband, wife or civil partner i

SECTION /16 If supporting an application for means tested student finance, SFE will need details of a student’s parents, partner or other sponsors household (taxable) income and National Insurance numbers Taxable earned income includes*: Wages, salaries, tips, and other taxable employee pay Long-term disability benefits received prior to minimum retirement age Net earnings from self-employment Taxable unearned income includes*: Interest from savings (only the annual summary is required) Benefits and Pensions Rent from property or a room i *More details/information can be found on the HMRC website: SUPPORTING AN APPLICATION HOUSEHOLD INCOME

SECTION /16 Household Income Maintenance Grant Maintenance Loan Total £25,000 & under£3,387£4,047£7,434 £30,000£2,441£4,520£6,961 £35,000£1,494£4,993£6,487 £40,000£547£5,467£6,014 £42,620£50£5,715£5,765 £42,875£0£5,740 £50,000£0£4,998 £62,143 & over£0£3,731 COMBINED MAINTENANCE SUPPORT LIVING AWAY FROM HOME OUTSIDE LONDON The calculator found on gov.uk/studentfinance can provide students with an estimate of their student finance entitlementgov.uk/studentfinance i

2015/16 SECTION TITLE IN HERE SUBHEADER IN HERE SECTION 3 Tuition Fee Loans Maintenance Support EXTRA Support Student Finance Package

SECTION /16 Many universities and colleges offer financial support to their students through bursaries and scholarships: Bursaries: Linked to personal circumstances and often, household income Awards can include discounted tuition fees, accommodation or cash Scholarships: Linked to academic results or ability in an area such as sport or music Can be subject specific and are usually limited in numbers EXTRA SUPPORT BURSARIES AND SCHOLARSHIPS Students should check university/college websites and ask at open days to see what they offer and how/when apply i

SECTION /16 ADDITIONAL SUPPORT Have children or adult dependent on them Have a disability, long-term health condition, mental-health condition or specific learning difficulty Study overseas as part of their UK based course Study an NHS or Social Work course NHS courses include: nursing, midwifery, physiotherapy, speech and language therapy, dietetics, radiography, the later stages of medicine and dentistry For more information on eligibility and applications for NHS support go to: EXTRA SUPPORT EXTRA HELP MAY ALSO BE AVAILABLE IF STUDENTS…. i

SECTION /16 Disabled Students’ Allowances provide help towards the additional costs that a student may face as result of their disability, long-term health condition, mental-health condition or specific learning difficulty: DSAs Support: Is available in addition to the standard student finance package, Does not have to be repaid, Is not affected by household income, Looks at the specific needs of the individual in relation to their circumstances and studies EXTRA SUPPORT DISABLED STUDENTS’ ALLOWANCES i Students should apply for their DSAs’ as soon as possible, the process can be triggered from the main online application form

SECTION /16 Allowance Part-Time Maximum Support Full-Time Maximum Support Non-medical personal helper £15,543£20,725 Per academic year Specialist equipment£5,212 Duration of Course Other disability-related expenditure £1,305£1,741 Per academic year Disability related travel No Limit – Reasonable spending can be claimed EXTRA SUPPORT DISABLED STUDENTS’ ALLOWANCES i For both full-time and part-time postgraduate students there is a single allowance of up to £10,362 a year

SECTION /16 Childcare Grant: Based on 85% of actual registered/approved childcare costs up to maximum of: £ per week for one child £ per week for two or more children Parents’ Learning Allowance: Help with course-related costs for students with dependent children Amount received will be between £50 and £1,573 Adult Dependants’ Grant: Normally for the student’s partner. Can be for another adult who is financially dependent on the student where the adult’s net income is not more than £3,796 p.a. Maximum grant available: £2,757 EXTRA SUPPORT STUDENTS WITH DEPENDANTS’ i The maximum Dependants Grant levels have been increased by 3.34% for 2015/16

2015/16 APPLICATIONS & INFORMATION SECTION 2

2015/16 Apply Online Students APPLY on time We ASSESS their application They get PAID!

2015/16 SECTION 2 Each year thousands of students apply late for their finance and have no way to pay for their course or accommodation, some even have to drop out! Please encourage the students you work with to apply on time! It will take at least six weeks to process an application so apply early The easiest way to apply is online at gov.uk/studentfinance* Students don’t need a confirmed place at university or college to apply Apply with their first choice, they can change details later if necessary STUDENT FINANCE APPLICATIONS KEY MESSAGE – APPLY EARLY i *Students wishing to study at alternative providers may need to wait until HEFCE approve the course designation before applying

2015/16 SECTION 2 GOV.UK NEW LOOK 2015/16 CAMPAIGN PAGE

2015/16 SECTION 2 Make a note of their account log-in details and keep them safe Agree to share information from their application, this helps apply for many bursaries and some scholarships Make sure any evidence and information needed to support their application is supplied first time (students and parent/partners) Submit an application even if there’s a delay in getting sponsor income details so some funding* will be available when they start their course Sign and return their online declaration form as soon as possible so as not to delay payments STUDENT FINANCE APPLICATIONS GET IT RIGHT FIRST TIME – STUDENTS SHOULD… i *Tuition Fee Loan and 65% of the maximum Maintenance Loan which are non means tested

2015/16 SECTION 2 Before starting an application students should have the following to hand: Passport - SFE can check identity using valid UK passport details University and course details Bank account details and National Insurance number The easiest way for parents, partners or other sponsor to support an application is online through GOV.UK, providing information including: National Insurance number(s) Household income information (based on prior tax year*) Details of other child dependants STUDENT FINANCE APPLICATIONS COMPLETING AN APPLICATION *If the household income drops by 15% or more in the current tax year, SFE can reassess an application i

2015/16 SECTION SFE ONLINE FOR MORE INFORMATION AND RESOURCES

2015/16 STUDENT LOAN REPAYMENTS SECTION 3

2015/16 SECTION TITLE IN HERE SUBHEADER IN HERE SECTION 3 The FACTS The FIGURES The INTEREST Student Loan Repayments

2015/16 SECTION 3 Students won’t make repayments until their income is over £21,000 a year gross (before tax) If they study a full-time course, they will be due to start repaying in the April after graduating from/leaving higher education They’ll repay 9% of their income over £21,000 and if employed, deductions will be made from their pay through the HMRC tax system* If their income falls to £21,000 or below their repayments will stop Any outstanding loan balance will be written off 30 years after entering repayment STUDENT LOAN REPAYMENTS AN OVERVIEW *If they move/work overseas, repayments will be 9% of any earnings over the threshold for the country they are living in i

2015/16 SECTION 3 £30 Monthly Repayment? £4,000 9% Deducted from? Income each year before tax 9% will be deducted from Monthly Repayment (Approx) £21,000£0 £30,000£9,000£67 £40,000£19,000£142 £50,000£29,000£217 £60,000£39,000£292 Income £25,000 STUDENT LOAN REPAYMENTS THE FIGURES Early repayments can be made at any time (with no penalty) if a student wants to reduce their loan balance early i

2015/16 SECTION 3 Interest levels will depend on a students income and circumstances: Interest rate is: Set at RPI Only Interest Rate: RPI Only During study until entering repayment Income: Under £21,000 Interest Rate: Retail Price Index +3% i The interest rate is updated once a year using the RPI figure from March which is carried forward and applied in September Income: £21,000 to £41,000 Income: Over £41,000 Interest Rate: RPI + up to 3% Interest Rate: RPI +3% STUDENT LOAN REPAYMENTS THE INTEREST

2015/16 SECTION 3 STUDENT LOAN REPAYMENTS DEDICATED WEBSITE

2015/16 SFE RESOURCES SECTION 4

2015/16 SECTION 3 Practitioners WEBSITE IAG MATERIALS Student Finance ADVISERS SFE Resources

SECTION /16 PRACTITIONER RESOURCES DEDICATED WEBSITE

SECTION /16 Access and download our wide range of IAG resources including: Suite of Factsheets Series of Quick Guides PowerPoint Presentations Videos and Marketing Materials All sorted by audience type to make it easy to find what you need i New resources will be added during the year, as the information students need changes. Register/check back for updates PRACTITIONER RESOURCES IAG MATERIALS

SECTION /16 Our quick guides highlight key information students and parents need to know Currently available: Student Finance Explained Dependants’ Grants Student Finance Explained for Parents The quick guides are available to download or order from the practitioner website PRACTITIONER RESOURCES QUICK GUIDES

SECTION /16 Our factsheets are designed to help you explain student finance, covering key subjects including: Student finance and eligibility Students with dependants Repayments Myths, facts and FAQ’s for parents PRACTITIONER RESOURCES FACTSHEETS

SECTION /16 Training tool for practitioners, allowing you to view all the screens students and sponsors see in an online application : PRACTITIONER RESOURCES APPLICATION DEMO Applications for new and returning students Parent/partner applications Change of circumstances Regular updates and explanation of ‘Hot Topics’

SECTION /16 Student Finance Advisers: Our team of dedicated regional advisers work closely with key partners across England to deliver a range of Matrix accredited services including: Staff development through bespoke training, Advice and support with SFE resources, policy and processes If we can support you and your colleagues with any area of student finance IAG delivery, please do get in touch: Contact details for your regional adviser can be found at: i Practitioner Helpline: For detailed/complex regulatory advice and particularly complex assessment enquiries – PRACTITIONER RESOURCES DEDICATED REGIONAL SUPPORT