1. STUDENT FINANCE Nower Hill 6th Form
A guide to applying for financial support for Higher Education students 2012/2013

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
NB Art foundation 1 year course does NOT qualify

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
NB if the student does not pass the course they still have to pay!!

5. Main finance available
Tuition fee loan
Maintenance loan
Maintenance grant
Special Support Grant
Bursaries and scholarships
First two – available to all
Second two – means tested
Third – offered by Unis or companies

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
Interest charged at RPI + 3% for duration of the course
Interest rate changes dependent on income once you have finished studying
This money is not “seen” by the students

7. Maintenance Loan
Helps to cover living costs throughout the academic year
Any student eligible for student finance is also available 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
Some students may need to be subsidised or get a part-time job.
Easy to get 72% -available for all and a simple form.

8. What could you get? Living at your parents’ home Up to £4,375
Living elsewhere or in your own home and studying in London
Up to £7,675
Living elsewhere or in your own home and studying elsewhere
Up to £5,500
NB this is the 100% figure not the 72%

9. Maintenance grant
You can get up to £3,250 to help with your living costs
Dependent on household income (<£42,600)
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? Household Income How much? £25,000 or less
Full £3,250 grant
£25,001 to £42,600
Partial grant dependent on household income
More than £42,600
Bad luck!

11. Special support grant
If you can claim income related benefits, you can claim a special support grant instead of the maintenance grant
Have a disability
Are deaf and qualify for Disabled Students’ Allowances

12. Bursaries and scholarships
Extra financial help from your university or college
Awarded for all sorts of reasons, not always financial
Check on your university’s website
Worthwhile researching!
NHS Bursaries – check if your course is eligible

13. How to apply You will be able to apply from late 2011
Go on line
You will be able to apply from late 2011

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
Must not lose payment schedule – very important!!!

15. What about repaying my student loan once I’ve finished studying?
Income pa before tax
Interest
Up to £21,000
Rate of inflation
£41,000
Inflation + up to 3%
Over £41,000
Inflation + 3%

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!

17. Thank you for listening and good luck!