2015/16 INTRODUCTION TO STUDENT FINANCE INFORMATION FOR STUDENTS

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

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 *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

SECTION /16 Universities and colleges* can charge new, full-time students up to £9,000 (£6,750 part-time) 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 your Tuition Fee Loan directly to your university or college. The loan is repayable, but only when your income is over £21,000 a year. *Publicly funded institutions **Up to £6,000 for approved courses at private providers TUITION FEES AND LOANS AN OVERVIEW

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

SECTION /16 Maintenance support is available to help with your 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 you can get depends on where you live and study. Maintenance support is paid directly into your bank account each term. MAINTENANCE SUPPORT AN OVERVIEW

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 you 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 your 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 you can get depends on your 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 you live with most of the time. i

SECTION /16 You could be considered independent if you (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 you are over 25, have care of a young person or have supported yourself financially for three years before starting your HE course, your parental income won’t be taken into account when assessing your entitlement.* MAINTENANCE SUPPORT ARE YOU AN INDEPENDENT STUDENT? *If married or in a civil partnership, SFE will take into account the income of the your husband, wife or civil partner. i

SECTION /16 The Special Support Grant replaces the Maintenance Grant for certain students. The maximum grant is £3,387. You could be eligible if you: are a lone (single) parent have a partner who is also a student and one or both of you are responsible for a child/young person under 20 who is in full-time education below higher-education level are eligible for the housing element of Universal Credit are deaf and qualify for DSAs or have a disability and qualify for income-related Employment and Support Allowance i Students receiving the Special Support Grant will not see a reduction in their Maintenance Loan entitlement. SPECIAL SUPPORT GRANT ARE YOU ELIGIBLE?

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 You can get an estimate of your student finance entitlement using the calculator on gov.uk/studentfinancegov.uk/studentfinance i

2015/16 SECTION TITLE IN HERE SUBHEADER IN HERE SECTION 3 Tuition Fee Loan 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. Check university/college websites and ask at open days to see what they offer and how/when to apply....don’t miss out!! EXTRA SUPPORT BURSARIES AND SCHOLARSHIPS i

SECTION /16 ADDITIONAL SUPPORT have children or an adult dependent on you have a disability, long-term health condition, mental-health condition or specific learning difficulty study overseas as part of your 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 OTHER FINANCIAL HELP MAY BE AVAILABLE IF YOU… i

2015/16 APPLICATIONS & INFORMATION SECTION 2

2015/16 Apply Online You APPLY on time We ASSESS your application You get PAID!

2015/16 SECTION 2 a) Call SFE and ask for an application form to be sent to you b) c) Apply? I just thought the money would appear when I need it! 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 What is the easiest way to apply for your student finance? A b) A c) As soon as possible HOW MUCH DO YOU KNOW? STUDENT FINANCE APPLICATIONS

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...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. Apply with your first choice, you can change details later if you need to. *Register on UCAS and check the SFE websites for updates on when to apply for student finance. STUDENT FINANCE APPLICATIONS KEY MESSAGE – APPLY EARLY i

2015/16 SECTION 2 GOV.UK FOR THE INFORMATION YOU NEED

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

2015/16 SECTION 2 Before starting an application, 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 your parents, partner or other sponsor to support your 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 KEY MESSAGE – COMPLETING AN APPLICATION *If your household income drops by 15% or more in the current tax year, SFE can reassess your 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 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? STUDENT LOAN 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 SECTION 3 You won’t make repayments until your income is over £21,000 a year gross (before tax). If you study a full-time course, you will be due to start repaying in the April after graduating from/leaving higher education. 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 REPAYMENTS AN OVERVIEW *If you move/work overseas you will repay 9% of your earnings over the repayment threshold for the country you 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 Interest is applied to your loan at a maximum rate of RPI +3% More info can be found on: i

2015/16 SECTION 3 Interest on your loan will depend on your 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 MANAGING YOUR MONEY SECTION 4

2015/16 SECTION TITLE IN HERE SUBHEADER IN HERE SECTION 3 Consider the COSTS Plan a BUDGET Points to REMEMBER Managing Your Money

SECTION /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

SECTION /16 Q How much does this textbook cost? Q How much is an NUS Extra card? New £26.99 Used £ Year £12 3 Year £32 ? ? ? ? MANAGING YOUR MONEY HOW MUCH?

SECTION /16 Q What is the average weekly cost of student accommodation? *Figures from NUS based on university-owned accommodation (Including privately owned student accommodation = £123.96) Q How much is this bag of pasta? Need some flavour?.....This jar of tasty sauce costs? And unless you want to eat it cold one of these might be useful! £ ? 29p ? 39p ? From £2.25 ? MANAGING YOUR MONEY HOW MUCH?

SECTION /16 Important to make the right university/college and course choice!! Tuition Fee Loans are available to all eligible students. Future repayments are linked to your income, not what you owe. Research all finance available – especially bursaries & scholarships. Apply online & on time – no need to wait for a confirmed place. Check all details are correct before submitting your application. KEY MESSAGES NOW IT’S YOUR TURN!! POINTS TO REMEMBER

2015/16 IF YOU ARE UNSURE PLEASE ASK! QUESTIONS OR COMMENTS?

2015/16 For further information on student finance and applications go to: For a range of helpful tools and guidance, visit: i i NEED MORE INFORMATION? REMEMBER SFE IS ONLINE