1. Alex Kennedy Student Recruitment Officer
A quick guide to
Student Finance
Alex Kennedy Student Recruitment Officer

2. Student Finance “Can I afford to go to University?”
“How much will it cost?”
“How much support is available?”
“How much debt will I graduate with?”

3. Future prospects: Broadens horizons: New Experiences:
Between £19,000 and £22,000 is the current average graduate starting salary. (
95% of USW graduates are in employment or further study within six months of graduation (DLHE 2016/17)
Broadens horizons:
Explore the world by studying or working abroad.
Gain experience on work placements and develop valuable skills.
New Experiences:
Meet new people, learn new things and encounter new experiences

4. Student Loans Two main costs associated with university:
Cost of Tuition
Tuition Fee Loan up to £9,250
Non means-tested
Covers full amount of fee and paid directly to your university
Cost of Living
Universal Maintenance Grant (£1,000) and
Means-tested Grant and/or
Non-means-tested Maintenance Loan
Provided for living costs

5. Means Testing Assessment depends on Household income: Household income
Independent
Dependent on Spouse/Partner
Dependent on Parent(s)
Where you Live
Previous Study
Household income
£0 - £18,370
£18,371 - £59,200
£59,201+

6. Maintenance Loan How much can I borrow? Location of study
Maximum Available
UK (outside London)
£9,000
London
£11,250
Home
£7,650

7. Living away, outside of London Living and studying in London
Income
Living with parents
Living away, outside of London
Living and studying in London
Grant
Loan
Total
£18,370
£6,885
£765
£7650
£8,100
£900
£9000
£10,124
£1,126 1 2 5
£20,000
£6,651
£999
£7,817
£1,183
£9,760
£1,490
£25,000
£5,930
£1,720
£6,947
£2,053
£8,643
£2,607
£30,000
£5,209
£2,441
£6,078
£2,922
£7,526
£3,724
£35,000
£4,488
£3,162
£5,208
£3,792
£6,408
£4,842
£40,000
£3,767
£3,883
£4,339
£4,661
£5,291
£5,959
£45,000
£3,047
£4,603
£3,469
£5,531
£4,174
£7,076
£50,000
£2,326
£5,324
£2,600
£6,400
£3,056
£8,194
£55,000
£1,605
£6,045
£1,730
£7,270
£1,939
£9,311
£59,200
£1,000
£6,650
£8,000
£10,250

8. Additional Support
Additional support may be available for students who:
has a disability, including a long-term health condition, mental health condition or specific learning difficulty, or
has children or adults who depend on them.
Extra money or support may also be available from universities and colleges: this will vary by institution

9. NHS Courses STUDENTS FROM WALES WHO STUDY IN WALES Bursary available
IF the students commit to working in Wales for two years after graduation
OTHERWISE, students are eligible for the standard SFW support package
STUDENTS FROM WALES WHO STUDY IN ENGLAND
No bursary available
Students are eligible for the standard SFW support package
Plus the Learning Support Fund
More information:
Bursary paid monthly and doesn’t have to be repaid.

10. How do I know if I’m applying for an NHS course?
doctor or dentist (eligible for an NHS bursary after the fourth year)
chiropodist (including podiatrist), dietitian, occupational therapist, physiotherapist, radiographer, healthcare scientist, paramedic, speech and language therapist
dental hygienist or dental therapist
nurse or midwife
Bursary paid monthly and doesn’t have to be repaid.

11. Student Loan Repayment
Repayments are 9% of earnings above £25,000 threshold
Calculated monthly (based on income, not how much has been borrowed)
Payments dealt with automatically by the HMRC
The student is liable for repaying the loans (ie, not mum and dad!)

12. Any outstanding balance is cleared after 30 years
Monthly Repayments
Salary
Monthly Repayments
£25,000 £0
£30,000
£37
£35,000
£75
£40,000
£112
£50,000
£187
Any outstanding balance is cleared after 30 years

13. Retail Price Index (RPI) +3%
Interest Rates
During study until
entering repayment
Retail Price Index (RPI) +3%
Earnings:
Below £25,000
RPI Only
Earnings Between:
£25, £45,000
RPI plus some amount
between 0% and 3%
Above £45,000
RPI = 2.5%

14. Partial Cancellation of Loans
Eligibility will be automatic once you start repaying your student loan, either voluntarily or when you are required to do so
Partial cancellation of up to £1,500
If you have a Maintenance Loan of £300 and the amount of your first repayment is £10, you will receive a partial cancellation of £290
If you have a Maintenance Loan of £3,000 and the amount of your first repayment is £50, you will receive a partial cancellation of £1,500
Example 1
If you took out £3,000 Maintenance Loan in 2010/11, 2011/12, 2012/13 or 2013/14 and your first repayment to us is £50, we would cancel £1,500 of your outstanding student loan debt.
Example 2
If you took out £1,200 Maintenance Loan in 2010/11, 2011/12, 2012/13 or 2013/14 and your first repayment to us is £5, we would cancel £1,195 of your outstanding student loan debt.
Example 3
If you took out £200 Maintenance Loan in 2010/11, 2011/12, 2012/13 or 2013/14 and your first repayment to us is £200, you would not receive any debt cancellation.
Example 4
If you take out £1,500 maintenance loan in 2011/12 and you made a voluntary repayment of £5 to us after you received your first instalment (of £500), then £495 of your outstanding student loan debt will be cancelled.
The partial cancellation will not be applied to your remaining instalments due and there will be an additional £1,000 balance on your account at the end of the year (plus interest).
Example 5
If you take out £1,500 maintenance loan in 2011/12 and you made a voluntary repayment of £50 to us after you received your second instalment (of £500), then £950 of your outstanding student loan debt will be cancelled.

15. Additional Sources of Income
University Bursaries – linked to personal circumstances
University Scholarships – linked to academic ability
Part-time and Holiday work

16. USW Welsh-medium Scholarship
10 x £1,000 for student who want to study at least 40 credits of a relevant course through the medium of Welsh
Coleg Cymraeg Cenedlaethol Scholarships
William Salesbury Scholarship (£5,000), Lead Scholarships (£3,000) and Incentive Scholarships (£1,500) available in a variety of subject areas

17. Top Money Saving Tips Don’t rush out and buy all the course texts
Use your NUS student discount
Set yourself a weekly budget
Choose your bank account carefully
Buy food in bulk
Don’t spend your loan all at once
Get paid work whenever you can

18. How to apply March (Deadline: mid-May) www.studentfinancewales.co.uk
Students can apply before their place is confirmed
Students can update their details before starting the course

19. How to apply
Before starting an application, you should have the following to hand:
• Passport - SFW can check identity using valid UK passport details
• University and course details
Bank account details and National Insurance number
Parents’ address
The easiest way for a student to prove their identity is to give SFW their valid UK passport number online, when they apply. SFW can then check and confirm their identity without them having to actually send their passport. If a student doesn’t have a valid UK passport they’ll need to send us their original *birth or *adoption certificate, along with a Birth/Adoption Certificate Declaration Form. This is available from studentfinancewales.co.uk

20. Useful Contacts Student Money Advice Team Student Finance Wales
Student Finance Wales

21. So now it’s over to you. Today is your chance to make something happen and take the first step into a successful future.