1. For the parents / carers of current Year 12 students ( 2012 – 2013 ) STUDENT FINANCE Nower Hill 6 th Form A guide to applying for financial support for Higher Education students 2014/2015

2. Do I qualify for student finance? The conditions you have to meet to qualify for student finance concern: Personal eligibility Your course The university or college you plan to go to

3. Personal eligibility Live in England on the first day of your course Have been resident in the UK for 3 years before this date and have ‘settled status’ Or, meet the requirements of one of the other UK residency categories, e.g. refugee And finally…..be under 60 years of age!

4. Your university or college The institution you plan to attend must be: Publicly funded and in the UK Privately funded but running individual courses that receive public funding

5. The student finance options include: Tuition fee loan Maintenance loan for living costs (eg books, accommodation, food) Maintenance grant Special Support Grant Bursaries and scholarships

6. Tuition fee loan Fees can be up to £9000 per year and you can get a loan to cover the full fee Paid directly to your university Doesn’t have to be paid back until you have left your course and are earning over £21,000 pa You pay interest from the time your first payment is made until you pay your loan back in full. IncomeInterest rate While you’re studying Rate of inflation (Retail Price Index) plus 3% £21,000 or lessRate of inflation £21,000 to £41,000Rate of inflation plus up to 3% £41,000 and overRate of inflation plus 3%

7. Maintenance Loan Helps to cover living costs throughout the academic year Any student eligible for student finance is also eligible for the Maintenance Loan Everyone can get up to 72% of this loan, the remaining 28% is dependent on household income Paid in 3 instalments directly into your bank account Paid back once you have left your course and are earning over £21,000

8. What could you get? Living at your parents’ home Up to £4,375 Living away from home and studying in London Up to £7,675 Living away from home and studying elsewhere Up to £5,500

9. Maintenance grant You can get up to £3,354 to help with your living costs Dependent on household income (<£42,611) Paid in 3 instalments over the year Maintenance loan is reduced if you are entitled to a grant Does not have to be paid back

10. What could you get? Full-time student – household income Grant for courses from September 2013 £25,000 or less£3,354 £30,000£2,416 £35,000£1,478 £40,000£540 £42,600 (2012) or £42,611 (2013) £50 Over £42,600 / £42,611No grant

11. Special support grant If you get or qualify for Income Support or Housing Benefit you may get a Special Support Grant instead of a Maintenance Grant. The amount you get is the same as the Maintenance Grant, but it won’t reduce the Maintenance Loan you can get. You may get the Special Support Grant if, for example, you’re a lone parent or have certain disabilities.

12. Bursaries and scholarships Extra financial help from your university or college (awarded for various reasons) Check on your university’s website Worthwhile researching! NHS Bursaries – check if your course is eligible There is extra funding for: medical students social work students teacher training students

13. How to apply Go on line http://studentfinance- yourfuture.direct.gov.uk/ http://studentfinance- yourfuture.direct.gov.uk/ You will be able to apply from late 2013

14. How do I get my money? Once you have applied, you will be sent a Financial Notification letter and a Payment Schedule When you register at your university or college, take your Payment Schedule letter Your university will confirm to Student Finance that you are on the course Your student finance will then be released

15. What about repaying my student loan once I’ve finished studying? Your income per yearMonthly repayments £21,000 and underNo repayments £25,000£30 £30,000£67 £40,000£142 £50,000£217 £60,000£292 NB You can pay some or all of your loan at any time without an extra charge.

16. Repayment: Based on income and not on amount owed Employers take payments directly from your salary (9% of earnings above £21,000) E.g. So if your salary is £25,000 a year, you pay nine per cent of £4,000, which is £6.92 a week. If not paid off in 30 years, debt is written off! If you leave your course early, you still have to repay your student loan.

17. Thank you for listening and good luck!