STUDENT FINANCE 2014/15 A PRACTITIONERS INTRODUCTION

Section 1 – The Student Finance Package Section 2 – Additional Support Section 3 – Student Loan Repayment Section 4 – Application Information Section 5 – Resources SESSION CONTENTS i

THE STUDENT FINANCE PACKAGE 2014/15 SECTION 1

Bursaries & Scholarships 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 1 THE STUDENT FINANCE PACKAGE SUPPORT AVAILABLE TO STUDENTS INCLUDES:

TUITION FEES & LOANS SECTION 1

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 the university or college (Up to £6,000 for designated courses at private HEIs) The Tuition Fee Loan doesn’t depend on household income SLC pay any Tuition Fee Loan directly to a university or college The loan is repayable, but only when the student’s income is over £21,000 a year *Publicly funded institutions with an approved Offa Access Agreement - TUITION FEES & LOANS OVERVIEW 1

Tuition Fees will be paid to a HEI at three points in the academic year Liability Date % of Tuition Fee Loan student will be liable for First day of Term 1*25% First day of Term 225% First day of Term 350% *Two weeks after Term 1 start date for part-time courses Interest on the loan will be charged from the day payment is made to the university/college, not from the liability date TUITION FEES & LOANS LIABILITY DATES 1

Policy changes for students starting their courses on or after 1 st September 2012: Students on sandwich placements will be charged 20% of the maximum full-time tuition charge – Maximum charge of £1,800 Students on Erasmus placements will be charged 15% of the maximum full-time tuition charge – Maximum charge of £1,350 Students on overseas placements will be charged 15% of the maximum full time tuition charge – Maximum charge of £1,350 TUITION FEES & LOANS SANDWICH & PLACEMENT YEARS 1

PART-TIME STUDENTS SECTION 1

1 Publicly-funded universities or colleges can charge up to a maximum tuition fee level of £6,750 a year for part-time courses* New, eligible part-time students can apply for a non means tested loan to cover the cost of their tuition at these institutions The actual amount charged will depend on the intensity of a course Course intensity is how long it takes to complete a part-time course compared to the equivalent full-time course Students starting designated P/T courses provided wholly by a private university or college can apply for up to £4,500 in Tuition Fee Loan *With an Offa approved Access Agreement TUITION FEES & LOANS OVERVIEW

Course intensity is worked out by taking the number of part-time units studied in an academic year and dividing it by the number of units which would be completed in an academic year if studying the same course on a full-time basis The result is multiplied by 100 to give the intensity as a percentage If a part-time course takes six years to complete and the full-time equivalent takes three, the course intensity will be 50% e.g. Part-Time Course = 60 Units Full-Time Course = 120 Units Course Intensity 50% ÷ = 1 TUITION FEES COURSE INTENSITY Students should ask a university or college if they’re unsure what their course intensity will be

Part-time students will not be entitled to a loan or grant towards living costs but can access Disabled Students’ Allowances (DSAs) Bursaries or scholarships offered by universities and colleges may provide additional support based on factors such as income or academic achievement Continuing students whose course began before September 2012 can still apply for a means-tested fee and course grant Students should contact their Jobcentre Plus or Department for Work and Pensions for an on-going benefit eligibility assessment Part-time study & benefits Part-time students can usually still claim benefits that depend on household income (means-tested benefits) such as; Universal Credit, Income-based Jobseekers Allowance or Housing Benefit if unemployed 1 OTHER SUPPORT FOR PART-TIME STUDENTS

MAINTENANCE SUPPORT SECTION 1

Maintenance support is available to help with living costs a student will face 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 a student lives and studies Maintenance support is paid directly into the student’s bank account each term 1 MAINTENANCE SUPPORT OVERVIEW

Where Students 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 2014/15 MAXIMUM RATES Additional loan is available for each extra week of study for students attending their course beyond 30 weeks 1

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 MEANS TESTING *Slightly lower rates of support apply to final year students 1

The Maintenance Grant doesn’t have to be repaid How much grant a student can get depends on their household income (100% means tested) Household income thresholds for 2014/2015: MAINTENANCE SUPPORT Household Income: Up to £25,000 Household Income: Up to £42,620 Full Grant of £3,387 Partial Grant 1 MAINTENANCE GRANT OVERVIEW

As with the Maintenance Grant the maximum Special Support Grant a student could get is £3,387, students could be eligible for a SSG if they: Are a lone (single) parent Have a partner who is also a student and one or both of them are responsible for a child/young person under 20 who is in full-time education below higher education level Have a disability and qualify for the Disability Premium or Severe Disability Premium Are deaf and qualify for Disabled Students’ Allowances SPECIAL SUPPORT GRANT ELIGIBILITY CRITERIA 1

Have been treated as incapable of work for at least 28 weeks Have a disability and qualify for income-related Employment and Support Allowance Are waiting to go back to a course having taken agreed time out from that course due to an illness or caring responsibility that has now ended Are aged 60 or older Entitled to Personal Independence Payment, Armed Forces Independence Payment and Disability Living Allowance Eligible for the housing element of Universal Credit Students receiving the Special Support Grant will not see a reduction in their Maintenance Loan entitlement SPECIAL SUPPORT GRANT ELIGIBILITY CRITERIA 1

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 £62,132 & over£0£3,610 COMBINED MAINTENANCE SUPPORT LIVING AWAY FROM HOME, OUTSIDE LONDON 1 Students can get a quick estimate of their student finance entitlement using the calculator on gov.uk/studentfinancegov.uk/studentfinance

BURSARIES & SCHOLARSHIPS SECTION 1

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 fee waivers or cash Scholarships: Can be linked to academic results or outstanding ability in an area such as sport, music or art Can be subject specific and are limited in numbers BURSARIES & SCHOLARSHIPS OVERVIEW 1 Students should check university websites early and ask at open days for information on support available and how to apply

ADDITIONAL SUPPORT SECTION 2

Extra money or support may be available to students if they: Have children or adults dependent on them Have a disability, long-term health condition, mental-health condition or specific learning difficulty Are studying an NHS or Social Work course NHS courses include: Nursing, midwifery, physiotherapy, chiropody, dietetics, radiography, occupational therapy, the later stages of medicine and dentistry For further information and applications students should visit: ADDITIONAL SUPPORT OVERVIEW 2

Disabled Students’ Allowances provide help towards the additional costs that a student may face as result of their disability, long-term health condition, mental-health condition or specific learning difficulty: DSAs Support: Is available in addition to the standard student finance package, Does not have to be repaid, Is not affected by household income, Looks at the specific needs of the individual in relation to their circumstances and studies Students need to be aware the DSA application process can take up to 14 weeks! ADDITIONAL SUPPORT DISABLED STUDENTS’ ALLOWANCES 2

DSA Rates 2014/15: Allowance Part-Time Maximum Support Full-Time Maximum Support Frequency of Payment Non-medical personal helper £15,543£20,725Annual Specialist equipment£5,212 Duration of Course Other disability-related expenditure £1,305£1,741Annual Disability related travel No Limit – Reasonable spending can be claimed For both full-time and part-time postgraduate students there is a single allowance of up to £10,362 a year ADDITIONAL SUPPORT DISABLED STUDENTS’ ALLOWANCES 2

Childcare Grant: Based on 85% of actual registered/approved childcare costs up to maximum of: £ per week for one child £ per week for two or more children Parents’ Learning Allowance: Help with course-related costs for students with dependent children Amount received will be between £50 and £1,523 Adult Dependants’ Grant: Normally for the student’s partner. Can be for another adult who is financially dependent on the student where the adult’s net income is not more than £3,796 p.a. Maximum grant available: £2,668 Dependants grants are income related. Universities may offer extra support to students with childcare/caring responsibilities ADDITIONAL SUPPORT STUDENTS WITH DEPENDANTS’ 2

SECTION 3 STUDENT LOAN REPAYMENTS

Students won’t make repayment contributions until their income is over £21,000 a year (£1,750 pm) gross On entering repayment, this threshold will rise annually in line with average earnings increase Full-time students will begin to repay in the April after graduating from/leaving their HE course (from April 2016 at the earliest) Part-time students enter repayment in the April 4 years after they started their course, or the April after they leave their course, whichever comes first Repayments will be a basic 9% of income earned over £21,000, but if income falls to £21,000 or below, repayments will stop STUDENT LOAN REPAYMENTS AN OVERVIEW 3

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 REPAYMENTS THE FIGURES Early repayments can be made at any time, but any outstanding loan balance will be written off 30 years after entering repayment 3

Interest added will vary, depending on a students circumstances: 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% The interest rate applied is updated once a year in September, using the rate of RPI from that March which is carried forward STUDENT LOAN REPAYMENTS THE INTEREST 3

While studying and until whichever comes first of: April after graduating or leaving a course April 4 years after the start of a course Income: Under £21,000 Income: £21,000 up to £41,000 Income: Over £41,000 Interest Rate Retail Price Index (RPI) +3% Retail Price Index (RPI) Only Retail Price Index (RPI) + Up to 3% Retail Price Index (RPI) +3% Interest added will then be linked to a students income (From April 2016) PART-TIME LOAN REPAYMENTS INTEREST ON A LOAN WILL VARY Students who finish or leave a course before April 2016; RPI plus 3% until the April after leaving the course, then RPI only until April

3 STUDENT LOAN REPAYMENTS DEDICATED WEBSITE

SECTION 4 APPLICATION INFORMATION

Apply online at gov.uk/studentfinance as soon as possible to make sure student finance is in place for the start of their course Register on UCAS and we can let students know when it’s time to apply They do not need a confirmed place at university or college to apply Make a note of their account log-in details and keep them safe Agree to share information from their application, this helps apply for many bursaries and some scholarships Students will be assessed for non means tested support if there are any delays in receiving household income information 4 APPLICATION INFORMATION KEY MESSAGES

APPLICATION INFORMATION COMPLETING AN APPLICATION Before starting an application, students should 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 If parents or other sponsors will be supporting a students application, they will need their own account on GOV.UK and provide information including: National Insurance number(s) Household income information Details of other child dependants If sponsors can’t submit income details online, they should send a photocopy of evidence including: P60s, Pay slips or Tax returns 4

GOV.UK FOR MORE INFORMATION & TO APPLY 4

4 NEW LOOK ‘MY ACCOUNT’ MAKING IT EASIER TO NAVIGATE & UNDERSTAND

SECTION 4 APPLICATION INFORMATION EVIDENCE & HOUSEHOLD INCOME

SFE require all students to provide identity evidence in order for their application to progress. The following list details acceptable identification evidence (ID): UK Students - Identity Evidence Students confirm identity by providing valid passport details in their online application If they haven't included passport details with online application they will need to send one of the following: A completed UK Passport Details Form (If holding valid passport) Original UK birth or adoption certificate along with a countersigned Birth/Adoption Certificate Form (ADIF) STUDENT FINANCE APPLICATIONS IDENTITY EVIDENCE 4

SFE require one of the following documents to be sent as proof of identity: EU National Identity Card (Must be in date) Original Non-UK Passport (Must be in date) Biometric Residence Permit cards Non-UK Students may also need to submit the following evidence: Original Home Office documents - To prove refugee status or leave to enter or remain status Photocopies of P60, Contract of Employment, Tax Returns or a P45 - To prove European Economic Area (EEA) or UK work details A letter confirming addresses for the last 3 years prior to the start of course - To confirm residency details STUDENT FINANCE APPLICATIONS IDENTITY EVIDENCE – NON UK STUDENTS 4

If supporting an application for means tested student finance, SFE will need to see details of parent(s) partners or other sponsors household (taxable earned and unearned) income and National Insurance number(s) Earned income includes: Wages, salaries, tips, and other taxable employee pay Long-term disability benefits received prior to minimum retirement age Net earnings from self-employment Unearned income includes: Interest from savings (only the annual summary is required) Benefits and Pensions Rent from property or a room For most applications, SLC verify income from these NI numbers with no need to send any documents, unless we ask for them 4 SUPPORTING AN APPLICATION HOUSEHOLD INCOME

SECTION 5 RESOURCES FOR STUDENTS & PRACTITIONERS

Series of informative guides, introducing the main areas of student finance to students and their parents, including: Financial Support for Students Disabled Students’ Allowances How Students are Assessed and Paid Student Loan Terms and Conditions Download now from our practitioners website and the SFE finance page on The Student Room SFE FULL & QUICK-START GUIDES STUDENT GUIDES NOW AVAILABLE FOR 2014/15 5

STUDENT GUIDES QUICK GUIDE SERIES 2014/15 Helpful fold-out guides highlighting essential student finance information: How and When to Apply Student Loan Repayments DSA’s and Dependants Grants Student Finance Explained for Parents of Students Download or order through practitioners website and download only from The Student Room SFE page 5

THE STUDENT ROOM FOR FURTHER INFORMATION & RESOURCES 5

MONEY MATTERS eMAG 1 st EDITION AVAILABLE NOW New resource giving students information on student finance - What’s available and how to get it, budgeting, applications and repayment Content includes interviews with students at different stages of their university and college lives Links to interactive features, including SFE ‘A Minute For’ videos 5

YOU TUBE SFE VIDEO CHANNEL 5

SOCIAL MEDIA FOLLOW SFE FOR THE LATEST NEWS 5

UNISTATS COMPARE UNI’S COURSES AND FEES 5

PRACTITIONER RESOURCES SECTION 5

5 PRACTITIONER RESOURCES DEDICATED WEBSITE

Access and download our wide range of IAG resources, including: Suite of Factsheets Series of Full and Quick Guides PowerPoint Presentations Videos and Marketing Materials Policy Documents and SFE Updates PRACTITIONER RESOURCES DEDICATED WEBSITE 5

5 PRACTITIONER RESOURCES FACTSHEETS Our suite of factsheets provide information on the main aspects of student finance and repayments, along with more specialised subjects, including: Applications, eligibility and evidence Finance for students at private universities or colleges Independent student status and students leaving care Changing circumstances and withdrawals

Student Finance Advisers: Our team of dedicated regional advisers work closely with key partners across England to deliver a range of services including: Staff development through bespoke training, Advice and support with SFE resources, policy and processes If we can support you and your colleagues with any area of student finance IAG delivery, please do get in touch: PRACTITIONER RESOURCES SUPPORT FOR PRACTITIONERS Practitioner Helpline: For detailed/complex regulatory advice and particularly complex assessment enquiries

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