Richard Wiltshire Higher Education Adviser Student Finance 2019 entry Online application system opened on February 25th 2019 Richard Wiltshire Higher Education Adviser

Student Finance - Contacts/resources Apply for Student Finance 0300 100 0607 for queries https://www.gov.uk/apply-online-for-student-finance Student Finance calculator www.gov.uk/student-finance-calculator EU Students – for queries 0141 243 3570 www.gov.uk/student-finance/eu-student www.thestudentroom.co.uk/student-finance/eu-students-and-student-finance SFE’s ‘chosen’ website for resources www.thestudentroom.co.uk/student-finance/ Practitioners site – recommended by advisers www.practitioners.slc.co.uk/supporting-materials/ Money Saving Expert – for student budgeting & best bank accounts www.moneysavingexpert.com/students/ Standalone For people who are estranged from their family www.standalone.org.uk Apply for NHS and Social Work Bursaries 0300 330 1345 – for queries www.nhsbsa.nhs.uk/student-services www.cardiffmet.ac.uk

WARNING – this can CONFUSE you rather than provide CLARITY www.practitioners.slc.co.uk/media/1709/sfe_student_finance_package_fs_1920_o.pdf WARNING – this can CONFUSE you rather than provide CLARITY

The online application This talk will cover The online application Tuition Fee Loan Maintenance Loan Extra Support INITIALLY FORM PN1 IS THE ONLY FORM THAT NEEDS TO BE COMPLETED AND 28 PAGES LATER APPLICANTS ARE ABLE TO GAIN ACCESS TO THE FOUR MAIN ELEMENTS OF THE FUNDING SCHEME….. THE TUITION FEE LOAN THE MAINTENANCE GRANT THE LIVING COST LOAN AND OTHER SUPPORT Bursaries – based on low household income

Scholarships – extra money from Uni’s Repaying the loans Accommodation costs - time to start budgeting Supporting materials

The online application Parents are part of this process Please complete this form together Start your application NOW Complete and submit it by – End of May 2019 You must update your application for each year of your course Some of your details may alter – especially household income

Keep safe. You need it when you talk to SFE.

Valid means ‘in date’. See next slide

Previous answers can be changed Previous answers can be changed. Keep checking that you are happy with each answer

You don’t need a confirmed place to apply Apply with your PREFERRED CHOICE, you can change details later

Non repayable - IT IS A GIFT Always keep this box ticked

The usual answer is NO

£9,250 Tuition Fees - 2019 England NOW WE ARE GOING TO START LOOKING AT EACH OF THE FOUR MAIN AREAS OF FINANCIAL SUPPORT AVAILABLE TO STUDENTS – STARTING WITH THE TUITION FEES A Review is currently taking place for 2019 starters which may reduce this Tuition Fee

Doctor or Dentist (from 5th year) Sponsored Bursaries 2019 NHS Bursaries 2019 0300 330 1345 – for queries www.nhsbsa.nhs.uk/student-services Tuition Fees + Means Tested Bursaries + Grant for: Doctor or Dentist (from 5th year) www.cardiffmet.ac.uk

Apply for Social Work Bursaries in March/April 2019 0300 330 1345 – for queries www.nhsbsa.nhs.uk/student-services

Cap on the number of bursaries offered ! Social Work Degrees Year 1 Apply for support from No bursaries available Years 2 and 3 Apply to + Non income assessed bursary Amounts not yet known for 2019 2018 bursaries were: £ 3,362.50 for Universities outside London £ 3,762.50 For Universities in London Cap on the number of bursaries offered !

Tuition Fee Loan - 2019 You DO NOT have to pay your fees upfront UK and EU citizens UK citizens entitled to FULL FEE LOAN [EU citizens - in EU for 3 years] Fees are NOT income assessed = NOT means tested Fees paid directly to the university by Most Universities will charge up to £9250 Welsh Universities charge £9000

EU Students and Loans - 2019 www.gov.uk/student-finance-forms EU Students – for queries 0141 243 3570 https://www.gov.uk/student-finance/eu-students www.gov.uk/student-finance-forms

Tuition Fee Loan - 2019 Some Exceptions Local Colleges offering Degrees often charge less - If you go to a privately funded College/University the maximum fee loan from is £6,165 for 2019 entry Some examples: Tuition fee £7,650 / year – 2019 figure Tuition fees: for 2 year accelerated degree £6,995 year 1 – 2018 figure £9,000 year 2 – 2018 figure Bursaries available Bursaries available

Maintenance Loan - 2019 Applicants can borrow up to: Assessed on Parents income = means tested Applicants can borrow up to: £11,672 study in London (up by £318) £8,944 study outside London (up by £244) £7,529 live at home - travel daily (up by £205) Paid to student in 3 instalments – Sept, Jan, April 2.8% increase on loan given to 2018 starters

i SUPPORTING AN APPLICATION HOUSEHOLD INCOME If you’re supporting an application for student finance that depends on household income, SFE will need details of your taxable income and National Insurance number. If you’re the parent of a student and live with your partner, they’ll also have to give us details of their taxable income and National Insurance number. Taxable earned income includes*: wages, salaries, and other taxable employee pay – P60 [2017/2018 tax year] long-term disability benefits received prior to minimum retirement age net earnings from self-employment – Self Assessment Returns Taxable unearned income includes*: interest from savings (only the annual summary is required) benefits and pensions rent from property This slide gives information for parents and partners of students who are supporting an application for student finance. You can skip this slide if you’re not presenting to parents/partners. *More details/information can be found on the HMRC website: http://www.hmrc.gov.uk/incometax/taxable-income.htm i

Maintenance Loan rates - 2019 Actual money you will get as a loan AFTER household income has been assessed i Household Income Home Elsewhere London £25,000 & under £7,324 £8,700 £11,354 £30,000 £6,707 £8,076 £10,719 £35,000 £6,090 £7,452 £10,084 £40,000 £5,473 £6,828 £9,449 £45,000 £4,855 £6,204 £8,813 £50,000 £4,238 £4,955 £8,178 £55,000 £3,621 £4,799 £7,543 £58,215 and over (Home) £62,212 and over £69,860 and over £3,314 Basic Loan [not income assessed] £4,168 Basic Loan [not income assessed] £5,812 Basic Loan [not income assessed] https://www.practitioners.slc.co.uk/media/1709/sfe_student_finance_package_fs_1920_o.pdf

This is the basic maintenance loan for 2018 entrants living away from home and NOT London. The figure for 2019 entrants is £4,168 This takes you to the next question – see next slide

This is the higher maintenance loan for 2018 entrants living away from home and NOT London. The figure for 2019 entrants is £8,954

Student Finance calculator www.gov.uk/student-finance-calculator

Interest charged on the loans Review currently taking place for 2019 starters could reduce these interest amounts Interest is applied to your loan at a maximum rate of RPI +3% More info can be found on: www.studentloanrepayment.co.uk/ i a RPI (retail Price Index) is a measure of UK inflation Interest is updated annually in September using March’s RPI RPI was 2.8% in March 2018

Extra Support TO SUPPORT STUDENTS WITH THE INCREASED COST OF TUITION FEES THE GOVERNMENT INTRODUCED TUITION FEE LOANS FROM SEPTEMBER OF LAST YEAR… MORE DETAILS ON STUDENT LOANS GENERALLY IS COMING UP LATER IN THE PRESENTATION

Disabled Student’s Allowance Is NOT affected by the household income If you have: a disability long-term health condition mental-health condition specific learning difficulty You may get extra Financial help Identifies specific needs in relation to your studies Non repayable - IT IS A GIFT TO SUPPORT STUDENTS WITH THE INCREASED COST OF TUITION FEES THE GOVERNMENT INTRODUCED TUITION FEE LOANS FROM SEPTEMBER OF LAST YEAR… MORE DETAILS ON STUDENT LOANS GENERALLY IS COMING UP LATER IN THE PRESENTATION

University Scholarships/Bursaries Bursaries – Make sure you claim this Linked to personal circumstances Most linked to household income You get: - Discounted tuition fees (called Fee Waivers) GOOD - Cash BETTER - Discounted Accommodation BEST Scholarships - Make sure you claim this - Linked to academic results OR - Abilities in sport, music, dance, drama etc Each university/College will decide the criteria for eligibility Visit Money and Funding links on University sites Non repayable - IT IS A GIFT TO SUPPORT STUDENTS WITH THE INCREASED COST OF TUITION FEES THE GOVERNMENT INTRODUCED TUITION FEE LOANS FROM SEPTEMBER OF LAST YEAR… MORE DETAILS ON STUDENT LOANS GENERALLY IS COMING UP LATER IN THE PRESENTATION

Closing date May 2nd 2019 Bursary Scheme Who can apply: http://www.hkf.org.uk/hkf-awards/bursary-scheme-1/guidance-notes Who can apply: Young people experiencing barriers to continuing their education Able to demonstrate that they face severe financial hardship How much could I receive: Up to £2250 bursary provided in instalments during time in HE Closing date May 2nd 2019

SUMMARY OF GOVERNMENT FUNDING REPAYABLE: Tuition Fee LOAN Living cost LOAN * NON-REPAYABLE: University BURSARY * University SCHOLARSHIP NHS sponsored BURSARY * (Doctor/Dentist) Disabled Students Allowance * how much you get depends on household income www.cardiffmet.ac.uk

It’s time to start comparing costs Accommodation It’s time to start comparing costs Just Google:- Go Compare University Accommodation Or check the accommodation pages of your chosen Universities

http://www.gocompare.com/savings/degree-of-value

Repaying the loans

Loan Repayments – 2019 starters SLIDE 1 You pay no money up front Earn OVER £25,000 - repayments START Earn under £25,000 - repayments STOP Earn average UK salary - you repay £0.00/week Interest is charged on the loan – RPI + up to 3%

Loan Repayments – 2019 starters After 30 years ALL your loan written off Loans are ‘Government secured lending’ THEREFORE Loans DO NOT go on Credit Files No-one will come knocking If you are medically unable to work or die? Loan written off Most people will NEVER pay all loans back Loan belongs to student – NOT parents or family

You repay 9% of your income After graduating You repay 9% of your income Over £25,000 INITIALLY FORM PN1 IS THE ONLY FORM THAT NEEDS TO BE COMPLETED AND 28 PAGES LATER APPLICANTS ARE ABLE TO GAIN ACCESS TO THE FOUR MAIN ELEMENTS OF THE FUNDING SCHEME….. THE TUITION FEE LOAN THE MAINTENANCE GRANT THE LIVING COST LOAN AND OTHER SUPPORT Deducted from your wages

Loan Repayments – 2019 starters Income each year before tax 9% will be deducted from Monthly Repayment (Approx) £25,000 £0 £29,000 £? Link to page is Live! A basic way of working out the monthly repayment would be to divide £4,000 by 12 giving £333.333 and that by 9% giving a monthly payment of £30. The interest rate is updated once a year in September, using the rate of RPI from March. RPI as of March 2014 was 2.5% so new students (Sept 14) will be charged 5.5% while in their first year of study. Details on this can be found on the repayment website Full Time Student Interest While studying until entering repayment = RPI +3% On Entering repayment interest is linked to earnings Under £21,000 = RPI Only £21,000 to £41,000 = RPI + up to 3% Over £41,000 = RPI + 3% Part Time RPI While studying on a course until whichever comes first of: The April after graduating or leaving a course; or The April after the fourth anniversary of the start of a course - RPI + 3% From the April after graduating or leaving a course, or after the fourth anniversary of the start of a course, but before April 2016 - RPI Income £29,000 9% Deducted from? £4,000 Monthly Repayment? £30

Typical UK Monthly Wage Slip

Income each year before tax Monthly Repayment (Approx) STUDENT LOAN REPAYMENTS THE FIGURES FOR 2019 University starters Income each year before tax 9% will be deducted from Monthly Repayment (Approx) £25,000 £0 £30,000 £5,000 £37 £40,000 £15,000 £112 £50,000 £187 £60,000 £35,000 £262 Link to page is Live! A basic way of working out the monthly repayment would be to divide £4,000 by 12 giving £333.333 and that by 9% giving a monthly payment of £30. The interest rate is updated once a year in September, using the rate of RPI from March. RPI as of March 2014 was 2.5% so new students (Sept 14) will be charged 5.5% while in their first year of study. Details on this can be found on the repayment website Full Time Student Interest While studying until entering repayment = RPI +3% On Entering repayment interest is linked to earnings Under £21,000 = RPI Only £21,000 to £41,000 = RPI + up to 3% Over £41,000 = RPI + 3% Part Time RPI While studying on a course until whichever comes first of: The April after graduating or leaving a course; or The April after the fourth anniversary of the start of a course - RPI + 3% From the April after graduating or leaving a course, or after the fourth anniversary of the start of a course, but before April 2016 - RPI

Earnings Previous System 2011 entry Current system Annual Repayment Taken from your Monthly pay packet £15,000 Nothing £16,000 £90 £7 £21,000 £540 £45 £22,000 £630 £52 £30,000 £1,350 £112 £444 £37

Supporting Materials

Student Finance - Contacts/resources Apply for Student Finance 0300 100 0607 for queries https://www.gov.uk/apply-online-for-student-finance Student Finance calculator www.gov.uk/student-finance-calculator EU Students – for queries 0141 243 3570 www.gov.uk/student-finance/eu-student www.thestudentroom.co.uk/student-finance/eu-students-and-student-finance SFE’s ‘chosen’ website for resources www.thestudentroom.co.uk/student-finance/ Practitioners site – recommended by advisers www.practitioners.slc.co.uk/supporting-materials/ Money Saving Expert – for student budgeting & best bank accounts www.moneysavingexpert.com/students/ Standalone For people who are estranged from their family www.standalone.org.uk Apply for NHS and Social Work Bursaries 0300 330 1345 – for queries www.nhsbsa.nhs.uk/student-services www.cardiffmet.ac.uk

Student Finance 2019 entry Thank you for listening Richard Wiltshire Higher Education Adviser

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