Your 14/15 student finance journey starts here STUDENT FINANCE 2014/15

Your student finance journey starts here SESSION CONTENT Student Finance Package Repayments Applications & Information Questions & Comments

Your 14/15 student finance journey starts here STUDENT FINANCE PACKAGE

Your student finance journey starts here Scholarships & Bursaries STUDENT FINANCE PACKAGE Tuition Fee Loan Maintenance (Living Cost) Support Additional Support The Student Finance Package ! Figures used in this section may change, subject to 2014/15 policy approval

Your 14/15 student finance journey starts here TUITION FEE LOAN

Your student finance journey starts here Universities and colleges can charge new full-time students up to £9,000 per year (£6,750 part-time) for tuition fees Eligible students won’t have to pay any tuition fees up front A Tuition Fee Loan is available to cover the fee set by the university or college* Tuition Fee Loan is non-means tested (Not linked to household income) SLC pay any Tuition Fee Loan directly to your university or college The loan is repayable, but only when your income is over £21,000 a year TUITION FEE LOAN *Up to £6,000 for publicly funded courses at private HEIs

Your 14/15 student finance journey starts here MAINTENANCE SUPPORT

Your student finance journey starts here Maintenance support is available to help with your living costs while in Higher Education Two main types of support are available, Maintenance Loan and Maintenance Grant The Maintenance Loan is repayable and all eligible students are entitled to receive some funding The amount of loan available will depend on where you live and study Maintenance support is paid directly into your bank account each term MAINTENANCE SUPPORT

Where you Live & StudyMaximum Loan Available Parental Home Live at home £4,418 Elsewhere Live away from home and study outside of London £5,555 London Live away from home and study in London £7,751 Overseas Study overseas as part of a UK course £6,600 MAINTENANCE LOAN EXAMPLE – 2014/15 RATES* Additional loan is available for each extra week of study for students attending their course beyond 30 weeks !

Full-Year Student* 65% Non Means Tested 35% Means Tested Maximum Loan Parental Home£2,871£1,547£4,418 Elsewhere£3,610£1,945£5,555 London£5,038£2,713£7,751 Overseas£4,290£2,310£6,600 MAINTENANCE LOAN – 2014/15 RATES ! *Slightly lower rates of support apply to final year students

Your student finance journey starts here The Maintenance Grant doesn’t have to be repaid How much grant you can get depends on your household income (100% means tested) Household income thresholds for 2014/2015: Students from households with income of up to £25,000 can get the maximum grant of £3,387* Students from households with incomes of up to £42,620 can get a partial grant *Pending final policy approval MAINTENANCE SUPPORT

Household Income Maintenance Grant Maintenance Loan Total £25,000 & under£3,387£3,862£7,249 £30,000£2,441£4,335£6,776 £35,000£1,494£4,808£6,302 £40,000£547£5,282£5,829 £42,620£50£5,530£5,580 £42,875£0£5,555 £50,000£0£4,836 £60,000£0£3,826 £62,132 & over£0£3,610 Student living away from home, outside London 2014/15 COMBINED MAINTENANCE SUPPORT

Your 14/15 student finance journey starts here SCHOLARSHIPS & BURSARIES

Your student finance journey starts here Bursaries: Could be available through the National Scholarship Programme Linked to personal circumstances and often, household income Vary by university and college Scholarships: Can be linked to academic results or outstanding ability in sport, music, art etc… Can be subject specific Limited in numbers SCHOLARSHIPS & BURSARIES ! Check university websites and ask at open days for information on bursaries & scholarships – what’s available and how to apply

Your 14/15 student finance journey starts here ADDITIONAL SUPPORT

Your student finance journey starts here ADDITIONAL SUPPORT Extra money or support may be available if you; Have children or adults dependent on you Have a disability, long-term health condition, mental-health condition or specific learning difficulty Studying an NHS or Social Work course NHS courses include; Nursing, midwifery, physiotherapy, dietetics, radiography, speech and language therapy, occupational therapy, the later stages of medicine and dentistry ! For more information on eligibility and applications students, should visit:

Your 14/15 student finance journey starts here STUDENT LOAN REPAYMENT

12_13 Your student finance journey starts here You wont make repayments until your income is over £21,000 a year (£1,750 pm) Full time students will be due to start repaying in the April after graduating from/leaving their HE course Part time students enter repayment in the April 4 years after they started their course, or the April after they leave their course (Whichever is sooner) You’ll repay 9% of your income over £21,000 and if you’re employed deductions will be made from your pay through the HMRC tax system If your income falls to £21,000 or below your repayments will stop STUDENT LOAN REPAYMENT

Income each year before tax Income from which 9% is deducted Monthly Repayment (Approx) £21,000£0 £25,000£4,000£30 £30,000£9,000£67 £35,000£14,000£105 £40,000£19,000£142 £45,000£24,000£180 £50,000£29,000£217 £60,000£39,000£292 STUDENT LOAN REPAYMENT – THE FIGURES ! Any outstanding loan balance will be written off 30 years after entering repayment

The amount of interest charged will vary depending on your circumstances: STUDENT LOAN REPAYMENT – INTEREST RATES ! Students can make (penalty free) voluntary repayments at any time During study until entering repayment Interest rate is: Retail Price Index (RPI) +3% Income: Below £21,000 Interest rate is: Set at RPI Only Income: £21,000 to £41,000 Interest rate is: RPI plus up to 3% Income: Above £41,000 Interest rate is: Retail Price Index (RPI) +3%

Your 14/15 student finance journey starts here APPLICATIONS & INFORMATION

12_13 Your student finance journey starts here Apply online through GOV.UK as soon as possible to make sure your student finance is in place for the start of your studies Register on UCAS and we can let you know when it’s time to apply You do not need a confirmed place at university or college to apply for student finance You can change your details online before starting your course Agree to share information from your application, this helps apply for many scholarships and bursaries If unsure of the fee amount needed, select maximum STUDENT LOAN APPLICATIONS

Before starting the application, you should have the following to hand: Passport - SLC can check identity using valid UK passport details for most students University and course details – You can share this information online, directly from you UCAS application Bank account details National Insurance number Parent’s or partner’s National Insurance number and income details - For most applications, SLC can verify income using NI numbers with no need to send any documents STUDENT LOAN APPLICATIONS

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UNISTATS – COMPARE UNI’S, COURSES AND FEES

12_13 Your student finance journey starts here 12_1 3 Plan a budget – and stick to it! (Dull, but practical) Ask questions and get any advice you need – from your teachers or advisers, current students, family, university or college staff Check out student bank accounts and NUS cards, but try to avoid taking credit or store cards Be aware of phishing scams!! If you need financial support and advice once you are at university or college, staff there will be able to help MANAGING YOUR MONEY Some general hints, tips and advice;

12_13 Your student finance journey starts here Important to make the right university/college and course choice!!! Tuition Fee Loans available to all eligible students and future repayments are linked to your income, not what you owe Research all finance available – especially bursaries & scholarships Apply on-line & on time – no need to wait for a confirmed place Ensure all details are correct before submitting an application Let us know of any changes as soon as possible KEY MESSAGES

Your 14/15 student finance journey starts here ? QUESTIONS & COMMENTS

12_13 Your student finance journey starts here For further Information on student finance and applications call us on: Customer helpline: There are no silly questions when it comes to student finance, so if you’re unsure, ask! CONTACT US