2015/16 STUDENT FINANCE MATTERS

2015/16 SESSION CONTENTS i Section 1 – The Student Finance Package Section 2 – Student Loan Repayments Section 3 – Applications & Information Section 4 - Managing Your Money Questions & Comments

2015/16 HOW MUCH DO YOU KNOW? ?

2015/16 *Eligible English domiciled students studying at a publicly funded university or college Q *What’s the maximum tuition fee universities or colleges can charge new students in 2015/16? Q How much of this will you need to pay up front before you go to uni or college? A £9,000 A £0 HOW MUCH DO YOU KNOW? TUITION FEES ?

2015/16 a) Sponsorship and scholarships b) Loans and grants to help with tuition fees and living costs c) Bus tickets and a box of chocolates a) After you have started your course b) When you have a confirmed offer from a university or college c) As soon as possible Q When should you apply for your student finance? Q Which of these are available from Student Finance England? HOW MUCH DO YOU KNOW? STUDENT FINANCE ? A b) Loans and grants to help with tuition fees and living costs A c) As soon as possible

2015/16 a) Your future income b) How much you have borrowed c) Neither, you just pay a fixed amount regardless a) £16,000 a year b) £21,000 a year c) Doesn’t matter, repayments will be taken whatever you earn HOW MUCH DO YOU KNOW? REPAYMENTS ? Q What will your student loan repayments be based on? Q How much do you need to earn before you start to repay? A a) Your future income A b) £21,000 a year

2015/16 THE STUDENT FINANCE PACKAGE SECTION 1

2015/16 BURSARIES & SCHOLARSHIPS MAINTENANCE SUPPORT TUITION FEE LOAN ADDITIONAL SUPPORT THE STUDENT FINANCE PACKAGE SUPPORT AVAILABLE TO STUDENTS INCLUDES: Figures used in this section are 2014/15 examples and may change upon announcement of 2015/16 student finance policy 1

2015/16 SECTION 1 TUITION FEES & LOANS

2015/16 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 charged by a university or college** A Tuition Fee Loan doesn’t depend on household income SFE pay any Tuition Fee Loan directly to your university or college The loan is repayable, but only when your income is over £21,000 *Publicly funded institutions **Up to £6,000 available for approved courses at private providers TUITION FEES & LOANS 1

2015/16 SECTION 1 MAINTENANCE SUPPORT

2015/16 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 1

2015/16 Elsewhere - Live away from home and study outside of London London - Live away from home and study in London Overseas - Study overseas as part of a UK course Parental Home - Live at home Up to £4,418 MAINTENANCE LOAN EXAMPLE 2014/15 MAXIMUM RATES 1 Up to £5,555 Up to £6,600 Up to £7,751

2015/16 The Maintenance Grant doesn’t have to be repaid How much grant you can get depends on your household income (100% means tested) Current household income thresholds 2014/15: MAINTENANCE SUPPORT Household Income: Up to £25,000 Household Income: Up to £42,620 Full Grant of £3,387 Partial Grant MAINTENANCE GRANT 1 You can get a quick estimate of your student finance entitlement using the calculator on gov.uk/studentfinancegov.uk/studentfinance

2015/16 BURSARIES & SCHOLARSHIPS SECTION 1

2015/16 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 limited in numbers BURSARIES & SCHOLARSHIPS 1 Check university websites and ask at open days for information on bursaries, scholarships and how and when to apply!

2015/16 ADDITIONAL SUPPORT SECTION 1

2015/16 ADDITIONAL SUPPORT Have children or adults dependent on you Have a disability, long-term health condition, mental-health condition or specific learning difficulty 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 ADDITIONAL SUPPORT EXTRA SUPPORT MAY BE AVAILABLE IF YOU: For more information on eligibility and applications for NHS support go to: 1

2015/16 STUDENT LOAN REPAYMENTS SECTION 2

2015/16 You won’t make repayments until your income is over £21,000 a year gross (before tax) Full-time students will be due to start repaying in the April after graduating from/leaving their higher-education course 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 Any outstanding loan balance will be written off 30 years after entering repayment STUDENT LOAN REPAYMENT STUDENT LOAN REPAYMENTS AN OVERVIEW 2

2015/16 £30 Monthly Repayment? £4,000 9% Deducted from? Income each year before tax Income from which 9% is deducted 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 STUDENT LOAN REPAYMENTS THE FIGURES Interest will be applied to your loan at a maximum rate of RPI +3% More info can be found on: 2 Income £25,000 £ £

2015/16 APPLICATIONS & INFORMATION SECTION 3

2015/16 Each year thousands of students apply late for their finance and have no way to pay for their course or halls, some even have to drop out.....don’t let that be you! It will take at least six weeks to process your application so apply early to make sure your student finance is ready for the start of your course Apply online at gov.uk/studentfinance* You don’t need a confirmed place at university or college to apply for student finance Apply with your first choice, you can change details later if you need to STUDENT FINANCE APPLICATIONS KEY MESSAGES – APPLY EARLY 3 *When setting up your student finance account, be sure to keep a note of your password and other log-in information!

2015/16 GOV.UK FOR MORE INFORMATION & TO APPLY 3

2015/ SFE ONLINE FOR FURTHER INFORMATION & RESOURCES 3

2015/16 UNISTATS COMPARE UNIS, COURSES AND FEES 3

2015/16 MANAGING YOUR MONEY SECTION 4

2015/16 Before starting in higher education, it’s important to think about the costs you are likely to face and how to manage your money. Remember, you’ll get your maintenance support payments in each term and you’ll need to pay for things like: books and other study materials accommodation, food and drink sports, leisure and social activities There will also be other costs you may not have thought of yet such as insurance or a TV Licence...so think about planning a budget. MANAGING YOUR MONEY CONSIDER THE COSTS 4

2015/16 £35.95 New £16.00 Used (Amazon) £12 for 1yr £32 for 3yrs Q How much does this textbook cost? Q How much is an NUS Extra card? MANAGING YOUR MONEY HOW MUCH? ?

2015/16 Q What is the average weekly cost of student accommodation? *Approximate figures from NUS & The Guardian, based on university-owned accommodation £117 per week* Q How much are these ‘delicious’ beans? MANAGING YOUR MONEY HOW MUCH? ? 24p16p Or for a bit of variety...this tasty spaghetti?

2015/16 Important to make the right university/college and course choice!! Tuition Fee Loans are 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 Check all details are correct before submitting your application And remember that..... Student Finance Matters! KEY MESSAGES POINTS TO BE CLEAR ON i

2015/16 QUESTIONS & COMMENTS ?

NEED MORE INFORMATION? i i For further Information on student finance and applications go to: For a range of helpful tools and guidance, visit: /16