13/14 STUDENT FINANCE 2013/14

13/14 SESSION CONTENT Fees Finance Available & Eligibility Repayment How To Apply Further information All information in this presentation is for students progressing on to Full Time HE Courses. For information about part time finance please call into the Zone

13/14 FEES

13/14 Up to £9000 per year for Full-Time Students Most Higher Education Institutions charging £9000, with some exceptions Most Foundation Degrees around £6000 BUT...No student is required to pay the fees up front...Student Finance is available to cover the cost of the course Fees

13/14 STUDENT FINANCE 2013/14

13/14 Scholarships & Bursaries STUDENT FINANCE PACKAGE 13/14 Tuition Fee Loan Maintenance (living cost) Support Additional Support The Student Finance Package

13/14 Repayable loan to cover the cost of the course Non-means tested (available to all students irrespective of your household income) Can apply for full cost of course eg. £9000 or a lower amount Paid DIRECTLY to the university or college on enrolment- you will not see this money! Tuition Fee Loan

13/14 Maintenance Loan - Repayable loan to cover the cost of living while on the course eg. food, rent and books -Available to all students irrespective of household income -The amount you can borrow depends on your household income, your course and where you live and study -You can get up to £4,375 a year if you live at home while studying -You can get up to £5,500 a year if you live away from home outside of London -You can get up to £7,675 a year if you live away from home in London -Paid directly into your bank account at the beginning of each term Maintenance Support

13/14 Maintenance Grant - Non-repayable grant to help with the cost of living while at university -Means-tested (you will get between £0 and £3,354 a year depending on your household income) -Paid directly into your bank account Maintenance Support

13/14 The amount of loan/grant you will get will vary depending on your household income- the lower your household income, the greater the proportion of support will be non-repayable If you are over 25 ‘household income’ is your household income (including your partner if living together). If you are under 25 it will normally be your parents’ income For 2013 entry, income will be based on April March 2012 tax year Maintenance Support Eligibility

13/14 Maintenance Support Eligibility Household Income £ Maintenance Grant Maintenance Loan Total £25,000 & under£3,354£3,823£7,177 £30,000£2,416£4,292£6,708 £35,000£1,478£4,761£6,239 £40,000£540£5,230£5,770 £42,611£50£5,475£5,525 £42,875£0£5,500 £50,000£0£4,788 £60,000£0£3,788 £62,125 & over£0£3,575 Eg. Student living away from home, outside London 2013/14

13/14 NHS Bursary: - If you are applying for certain NHS courses such as Nursing, Midwifery, Physiotherapy or Radiography you may be entitled to free tuition and extra maintenance grant support under the NHS Bursary Scheme. Call into the Zone for more information. It is always worth checking with your university or college; many have additional bursaries and/or scholarships available. This could include money off the cost of your course or accommodation costs. Eg. UCLan Advantage offers a variety of extra support to new UCLan undergraduates Scholarships and Bursaries

13/14 Disabled Students Allowance Childcare Grant Parents’ Learning Allowance Adult Dependants’ Grant Access to Learning Fund For further information about these grants please call into Student Services Other Financial Support

13/14 STUDENT LOAN REPAYMENT

12_ /14 Repayments won’t start until your income is over £21,000 a year (£1,750 a month). (On entering repayment, this threshold will scale annually in line with earnings) Full-time students will begin to repay in the April after graduating from/leaving their course (From 2016) Repayments will be 9% of income over £21,000 and if in employment will be deducted automatically from salary through the HMRC tax system for most students If income falls below £21,000 repayments will stop STUDENT LOAN REPAYMENTS

Income each year before tax Income from which 9% will be deducted Approximate monthly repayment £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 interest charged will vary during study and depending on earnings after graduation. STUDENT LOAN REPAYMENT – INTEREST RATES ! Students can make extra voluntary repayments at any time. During study until entering repayment Interest rate: Retail Price Index (RPI) +3% Income: Below £21,000 Interest rate: RPI Only Income between: £21,000 - £41,000 RPI plus some amount between 0% and 3% Income: Above £41,000 Interest rate: Retail Price Index (RPI) +3%

13/14 HOW TO APPLY

12_ /14 NOW: Go online to to use the Student Finance calculator- simply enter your household income details to find out exactly how much you are entitled towww.studentfinanceengland.co.uk EARLY 2013 (date TBC): College will send you an to inform you when Student Finance applications open. You can make an appointment in the Zone for help filling in your application. MAY 2013 (date TBC): Deadline for Student Finance applications to be processed in time for September entry APPLICATIONS – KEY MESSAGES

12_ /14 12_1 3 Plan a budget – and stick to it! Ask questions and get advice from teachers, advisers current/former students, parents/older brothers & sisters. Check out student bank accounts but try to avoid taking credit or store cards. Beware of phishing scams!! If you need financial support and advice once you’re at university, staff there will be able to help. MANAGING YOUR MONEY

12_ /14 Call into the Zone Go online to Contact Student Finance England Facebook- Twitter- FOR MORE INFORMATION