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Www.practitioners.slc.co.uk STUDENT FINANCE 2015/16 A PRACTITIONERS INTRODUCTION.

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Presentation on theme: "Www.practitioners.slc.co.uk STUDENT FINANCE 2015/16 A PRACTITIONERS INTRODUCTION."— Presentation transcript:

1 www.practitioners.slc.co.uk STUDENT FINANCE 2015/16 A PRACTITIONERS INTRODUCTION

2 Learning Objectives: To provide an overview of student finance available and resources to support practitioners with the delivery of student finance IAG to parents and students.

3 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

4 THE STUDENT FINANCE PACKAGE 2015/16 SECTION 1

5 Bursaries & Scholarships Tuition Fee Loan Maintenance (Living Cost) Support Additional Support The Student Finance Package 1 THE STUDENT FINANCE PACKAGE SUPPORT AVAILABLE TO STUDENTS INCLUDES: All figures used in this section are subject to final parliamentary approval of 2015/16 student finance policy

6 TUITION FEES & LOANS SECTION 1

7 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 HEI’s) 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 - www.offa.org.uk/access-agreementswww.offa.org.uk/access-agreements TUITION FEES & LOANS OVERVIEW 1

8 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

9 MAINTENANCE SUPPORT SECTION 1

10 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 Care leavers will be treated as Independent for student finance purposes 1 MAINTENANCE SUPPORT OVERVIEW

11 Where Students Live & StudyMaximum Loan Available Parental Home Live at home £4,565 Elsewhere Live away from home and study outside of London £5,740 London Live away from home and study in London £8,009 Overseas Study overseas as part of a UK course £6,820 MAINTENANCE LOAN 2015/16 MAXIMUM RATES 1 Maximum Maintenance Loan levels have been increased by inflation (3.34%) for 2015/16

12 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 MAINTENANCE LOAN MEANS TESTING 1 Additional loan is available for each extra week of study for students attending their course beyond 30 weeks *Lower rates are available to final year students

13 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 2015/2016: 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 Students can get a quick estimate of their student finance entitlement using the calculator on gov.uk/studentfinancegov.uk/studentfinance

14 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 1 Students can get a quick estimate of their student finance entitlement using the calculator on gov.uk/studentfinancegov.uk/studentfinance

15 Household Income Maintenance Grant Maintenance Loan Total £25,000 & under£3,387£6,316£9,703 £30,000£2,441£6,789£9,230 £35,000£1,494£7,262£8,756 £40,000£547£7,736£8,283 £42,620£50£7,984£8,034 £42,875£0£8,009 £50,000£0£7,267 £69,766 & over£0£5,205 COMBINED MAINTENANCE SUPPORT LIVING AWAY FROM HOME, INSIDE LONDON 1 Students can get a quick estimate of their student finance entitlement using the calculator on gov.uk/studentfinancegov.uk/studentfinance

16 BURSARIES & SCHOLARSHIPS SECTION 1

17 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 reductions, discounted accommodation or cash Scholarships: Often based on academic results or ability in sport, art or music etc.. 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

18 ADDITIONAL SUPPORT SECTION 2

19 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: www.nhsbsa.nhs.uk/students ADDITIONAL SUPPORT OVERVIEW 2

20 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

21 Childcare Grant: Based on 85% of actual registered/approved childcare costs up to maximum of: £155.24 per week for one child £266.15 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 £1,573 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: £2,757 Dependants grants are income related. Universities may offer extra support to students with childcare/caring responsibilities ADDITIONAL SUPPORT STUDENTS WITH DEPENDANTS’ 2

22 SECTION 3 STUDENT LOAN REPAYMENTS

23 Students won’t make repayment contributions until their income is over £21,000 a year (£1,750 pm) gross 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* Repayments will be a basic 9% of income earned over £21,000, but if income falls to £21,000 or below, repayments will stop Early repayments can be made at any time, but any outstanding loan balance will be written off 30 years after entering repayment STUDENT LOAN REPAYMENTS AN OVERVIEW 3 *whichever comes first

24 £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 the loan at a maximum rate of RPI +3% More info can be found on: www.studentloanrepayment.co.ukwww.studentloanrepayment.co.uk 3 Income £25,000 £ £

25 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 3 On entering repayment, repayment thresholds will rise annually in line with average earnings increase

26 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

27 3 STUDENT LOAN REPAYMENT FAQ’S REPAYMENTS FROM OVERSEAS If they will be overseas for more than 3 months, students will need to complete an Overseas Income Assessment Form to enable us to calculate how much they need to repay Students should provide us with details of their circumstances, prospective Income and evidence of their income or means of support We will then send them a repayment schedule showing how much they need to pay each month The repayment amount is usually fixed for a 12 month period but students can apply for a reassessment of their repayments at any time if their income level changes The monthly payments will be based upon the earnings threshold for their destination country: www.studentloanrepayment.co.ukwww.studentloanrepayment.co.uk

28 If they are living overseas we work out a students monthly repayment schedule using the same principles as for those who live in the UK They will repay 9% of their earnings over the repayment threshold for the country they are living in To take account of differences in living costs, the repayment threshold in a foreign country will not necessarily be the same as in the UK The repayment thresholds are set at an affordable level which reflects the conditions and living costs in the relevant country Thresholds are calculated using information from World Bank data and are updated yearly to take account of price changes STUDENT LOAN REPAYMENT FAQ’S REPAYMENTS FROM OVERSEAS 3

29 SECTION 4 APPLICATION INFORMATION

30 Each year thousands of students are late in applying for their finance and have no way to pay for their course or halls, some even have to drop out.....Key messages to communicate to students include! It will take at least six weeks* to process an application so apply early! Apply online at gov.uk/studentfinance to make sure that their student finance is in place for the start of their course They don’t need a confirmed place at university or college to apply for student finance Apply with their first choice, they can change details later if they need to STUDENT FINANCE APPLICATIONS KEY MESSAGES – APPLY EARLY 4 *SFE handle over 1 million applications a year, most involve interactions with other government departments e.g. HMRC

31 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 Make sure any evidence and information needed to support an application is supplied first time (students and parent/partners’) Submit an application even if there is a delay in getting income details from parent/sponsors so some funding will be available when they start their course If SFE request any additional evidence or documents to support the application use recorded delivery! 4 STUDENT FINANCE APPLICATIONS KEY MESSAGES – GET IT RIGHT FIRST TIME

32 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 details online, they should send a paper application form and copy of evidence including: P60s/Pay slips 4

33 PRACTITIONER RESOURCES Where to direct Students SECTION 5

34 www.gov.uk/studentfinance GOV.UK (sign post students & parents) FOR MORE INFORMATION & TO APPLY 4

35 4 NEW LOOK ‘MY ACCOUNT’ MAKING IT EASIER TO NAVIGATE & UNDERSTAND www.gov.uk/studentfinance Login on student finance online

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38 www.studentloanrepayment.co.uk 3 STUDENT LOAN REPAYMENTS DEDICATED WEBSITE

39 Repayments made from income between £16,365 and £21,000 will be applied to any Plan 1 loan balance. Repayments from income above the £21,000 threshold will be applied to any Plan 2 loan balance Income Monthly Repayment (Plan 1 Loan) Monthly Repayment (Plan 2 Loan) Total Monthly Repayment Up to £16,365 (Plan 1 Threshold) £0 £18,000£12£0£12 £21,000 (Plan 2 Threshold) £34£0£34 £25,000£34£30£64 £32,000£34£82£116 3 STUDENT LOAN REPAYMENT FAQ’S STUDENTS WITH ICR TYPE 1 & TYPE 2 LOANS

40 STUDENT LOAN REPAYMENT FAQ’S EXAMPLE INCOME THRESHOLDS - PRE 2012 LOANS Country of Residence Currency Income Threshold Default Monthly Repayment AustraliaAustralian Dollar£22,915£344.40 China Yuan Renminbi £9,825£147.60 France, Germany, Italy Euro£16,365£246.00 USAUS Dollar£16,365£246.00 Default monthly repayment - Amount students would be liable to repay if they didn’t inform us of their actual income while overseas For example, if living in China the repayment threshold is the equivalent of £9,825 so repayments would be calculated as 9% of anything earned over the equivalent of £9,825 3

41 Interest is applied using the same principle as in the UK, RPI only if earning under the lower threshold, up to RPI +3% if earning over the upper threshold Country of Residence Lower Income Threshold Upper Income Threshold Default Monthly Repayment Australia£25,200£49,200£241.20 China£12,600£24,600£120.60 France, Germany, Italy £25,200£49,200£241.20 USA£21,000£41,000£201.00 STUDENT LOAN REPAYMENT FAQ’S EXAMPLE INCOME THRESHOLDS - POST 2012 LOANS Default monthly repayment - Amount students would be liable to repay if they didn’t inform us of their actual income while overseas 3

42 www.thestudentroom.co.uk/studentfinance www.youtube.com/SFEFILM www.twitter.com/sf_england www.facebook.com/SFEngland SFE ONLINE FOR FURTHER INFORMATION & RESOURCES 4

43 Download feed onto your website- automatically updates Q & A sessions with students and parents Sign post parents to videos – DSA + others

44 PRACTITIONER RESOURCES Where a practitioner can find resources to support the IAG delivery on student finance.

45 www.practitioners.slc.co.uk 5 PRACTITIONER RESOURCES DEDICATED WEBSITE

46 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

47 Fact Sheet providing figures of entitlement based on family income and where they live and based at university Can be uploaded to your website

48 5 PRACTITIONER RESOURCES STUDENT APPLICATIONS – MOCK ACCOUNT This can be used in class or loaded onto school website – sign post parents

49 SLC receives over seven million calls every year and has over five million customers As part of our on-going commitment to improving our customer experience we have now introduced new phone numbers, moving away from the old business rate lines, so we are saying... New SFE numbers: Customer Support Line - 0300 100 0607 Practitioners’ Helpline - 0300 100 0618 N 845 PRACTITIONER RESOURCES SUPPORT FOR PRACTITIONERS HELLO 300 Calls will cost no more than those to geographic numbers and will also count towards inclusive free call packages on mobiles 5

50 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 I can support you and your colleagues with any area of student finance IAG delivery, please do get in touch: Email: Charmaine_Valente@slc.co.ukTel: 07774281355 www.practitioners.slc.co.uk/regional-support PRACTITIONER RESOURCES SUPPORT FOR PRACTITIONERS Practitioner Helpline: For detailed/complex regulatory advice and particularly complex assessment enquiries – 0300 100 0618 5

51 Learning Objectives: To provide an overview of student finance available and resources to support practitioners with the delivery of student finance IAG to parents and students.

52 QUESTIONS & COMMENTS ?

53 www.gov.uk/studentfinance NEED MORE INFORMATION? i i For further Information on student finance and applications go to: www.gov.uk/studentfinance For a range of helpful tools, resources and guidance, visit: www.practitioners.slc.co.uk 2015/16


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