1. STUDENT FINANCE 2016/17

2. SESSION CONTENTS • How much do you know? • The student finance package
Student loan repayment
Application information
Managing your money

3. HOW MUCH DO YOU KNOW?

4. Q A Q A HOW MUCH DO YOU KNOW?t Q
*What is the maximum tuition fee universities or colleges can charge new students in 2016/17?
£9,000 A t Q
How much of this will you need to pay
upfront before you go to uni or college? £0 A
*Eligible Welsh domiciled students studying at a publicly-funded university or college

5. THE STUDENT FINANCE PACKAGE 2016/17

6. THE STUDENT FINANCE PACKAGE
SUPPORT AVAILABLE TO STUDENTS INCLUDES:
Bursaries & scholarships
Tuition fee support
Maintenance (living cost) support
Additional support
The
Student Finance
Package
Figures in this section may change, subject to 2016/17 policy approval

7. THE STUDENT FINANCE PACKAGE 2016/17
TUITION FEES

8. TUITION FEES OVERVIEW Currently capped at £9,000 per year.
The tuition fee will be decided by the university or college including if it charges different amounts for different courses.
The average tuition fee for new students in 2015 was about £8,703.
Students at private universities or colleges offering designated courses will be able to borrow up to £6,000* towards tuition costs.
*Students will have to self-fund any additional fee charged
1. Personal eligibility
Normally you must be living in Wales on the first day of the first academic year of your course and either:
• have been living in the UK for the three years immediately before this date and have ‘settled status’ in the UK (meaning you can live permanently in the UK without the Home Office placing any restrictions on how long you can stay); or
• meet the requirements of one of the other UK residency categories listed in the appropriate Regulations (for example, you are a refugee living in the UK).
To qualify for a Maintenance Loan you need to be under 60 when you start your course. There’s no upper age limit on grants and Tuition Fee Loans.
2. Course eligibility
The course you plan to study must be of a certain type (a ‘designated course’ such as a BSc, HND, PGCE) leading to a recognised higher-education qualification.

9. TUITION FEES TUITION FEE SUPPORT
A Tuition Fee Loan of up to £3,900 is available as well as a Tuition Fee Grant to cover the difference between the available Tuition Fee Loan and the tuition fee charged by your university or college.
For courses with £9,000 tuition fees you would receive a maximum Tuition Fee Grant of £5,100.
Tuition Fee Loans and Tuition Fee Grants are paid directly to your university or college.
Tuition Fee Loans are repayable, but only when you’ve left university or college and your income is over £21,000 a year.

10. THE STUDENT FINANCE PACKAGE 2016/17
MAINTENANCE SUPPORT

11. SUPPORT FOR LIVING COSTS
Support is available to help towards living costs you’ll have while at university or college and all eligible students can get some funding.
Two types of support are available: Maintenance Loan and Welsh Government Learning Grant.
The Maintenance Loan is repayable.
The amount of loan available depends on where you live (e.g. with
parents, etc) and study.
Support for living costs are paid directly to your bank account each term.
The amount of loan payable is dependent on the amount of grant for living costs received.
If your household income is £50,020 or less, you will be entitled to an amount of Welsh Government Learning Grant, and this reduces the amount of Maintenance Loan you can get.

12. ! MAINTENANCE SUPPORT Full-year student (*) 75% non means tested
MAINTENANCE LOAN 2016/17 MAXIMUM RATES
Full-year student (*)
75% non means tested
25% means tested
Maximum loan
Parental home
£3,590
£1,196
£4,786
Elsewhere
£4,637
£1,546
£6,183
London
£6,497
£2,165
£8,662
Overseas
£5,529
£1,843
£7,372
(*) Slightly lower rates of support apply to final year students. !
Additional means tested loan is available for each extra week of
study for students attending their course beyond 30 weeks.

13. MAINTENANCE SUPPORT
WELSH GOVERNMENT LEARNING GRANT
Non-repayable grant for 2016/17 is up to £5,161 (max).
100% means tested.
Students from households with an income of up to £18,370 will be entitled to the maximum £5,161.
Students from households with an income of up to £50,020 will be entitled to a partial grant.

14. Welsh Gov Learning Grant
MAINTENANCE SUPPORT
COMBINED SUPPORT:
Students living away from home, outside London 2016/17
Household income £
Welsh Gov Learning Grant
Maintenance Loan
Total
£18,370 & under
£5,161
£3,603
£8,764
£20,000
£4,715
£3,826
£8,541
£25,000
£3,347
£4,510
£7,857
£26,500
£2,936
£7,651
£30,000
£2,099
£5,134
£7,233
£34,000
£1,142
£5,612
£6,754
£40,000
£734
£5,816
£6,550
£45,000
£393
£5,987
£6,380
£50,020
£50
£6,158
£6,208
£50,753 £0
£6,183
£58,484 (+)
£4,637 (+)
£4,637
If their household income is less than £58,484, parent(s) or partners should provide details of their household income to ensure the student gets the full amount they’re entitled too. If their household income is over £58,484 providing these details will not increase the amount of student finance the student gets.
The amount of loan for which students are eligible will be reduced by 50p for every £1 of grant to which they are entitled, up to a maximum of £2,580.
For income between £18,371 and £26,500, the grant is reduced by £1 for every complete £3.653 by which the income exceeds £18,370. For income between £26,501 and £34,000, the grant is reduced by £1 for every complete £4.180 by which the income exceeds £26,500. For income between £34,001 and £50,020, the grant is reduced by £1 for every complete £ by which the income exceeds £34,000.
A student whose income is £50,020 will be eligible for the minimum grant of £50. A student whose income exceeds £50,020 will not be eligible for any grant.
Where a student’s income exceeds £50,753, the amount of loan to which they are entitled is reduced by £1 for every complete £5 by which the income exceeds £50,753 until 75% of the full Maintenance Loan remains. This point is indicated by (+) in the table above.

15. ! SCHOLARSHIPS AND BURSARIES
Most universities offer additional support to students which could be worth
thousands of pounds, so it’s important to research what’s available
and when to apply.
Bursaries:
usually depend on personal circumstances and, often, your household income
vary by university or college
Scholarships:
can be linked to academic results or an outstanding ability in sport, music etc…
can be subject specific and are limited in numbers !
You should check university websites and ask at open days and UCAS
conventions for information on bursaries and scholarships: what is
available and how/when to apply.

16. ADDITIONAL SUPPORT

17. ADDITIONAL SUPPORT OVERVIEW
Extra money or support may be available if you:
have a disability, including a mental-health condition or specific learning difficulty
have children or adults who depend on you

18. NHS FUNDING

19. OTHER COURSES NHS COURSES NHS support
Students training for eligible courses may be able to get a bursary from the NHS. A bursary is a yearly payment to help with living costs and tuition fees. It’s paid each month and doesn’t have to be paid back.
More detailed information is available at
Full-time students on NHS degrees can also apply for a fixed grant of £1,000 per year.
SFW support
Full-time NHS students can also apply to Student Finance Wales for a reduced rate Maintenance Loan which does not depend on income.

20. STUDENT LOAN REPAYMENT

21. Q A B B C REPAYMENT - HOW MUCH DO YOU KNOW?
How much does your income need to be before you start paying back your student loan? A
Over £16,000 B
Over £21,000 B
Over £21,000
These colours (A,B,C) need to be used as students are given colour cards to show which answer they think is correct. C
Over £19,000

22. ! STUDENT LOAN REPAYMENT THE FIGURES £21,000 £0 £25,000 £4,000 £30
Income each year before tax
Income from which 9% will be deducted
Approximate monthly repayment
£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 !
Any outstanding loan balance will be cleared 30 years after
entering repayment.

23. STUDENT LOAN REPAYMENT
OVERVIEW
You won’t make repayments until your income is over £21,000 a year.
Full-time students will be due to start repaying in the April after graduating/leaving your course.
You’ll repay 9% of your income over £21,000 and if you’re employed your employer will make deductions from your pay through the HMRC tax system.
You may get a partial cancellation of your Maintenance Loan of up to £1,500.
If your income falls to £21,000 or below your repayments will stop.
A partial cancellation will be available if you take out a Maintenance Loan (loans for living costs) from Student Finance Wales in academic year 2013/14 onwards. The partial cancellation will not be applied to Tuition Fee Loans.
Subject to the following points, eligibility will be automatic once you start repaying your student loan, either voluntarily or when you are required to do so because your income is over £21,000.
Am I eligible for partial cancellation of Maintenance Loan?
If you take out a Maintenance Loan in academic year 2013/14 onwards from Student Finance Wales, the Welsh Government may provide you with a partial cancellation of up to £1,500. The reduction will be applied to the balance of your student loan by SLC when you start repaying.
You’ll not be eligible for a partial cancellation if you’ve any outstanding charges, costs, expenses or penalties in relation to your loan or if you’re in breach of your loan agreement.
The partial cancellation will be £1,500 unless you’ve taken out a smaller Maintenance Loan. If you borrow less than £1,500, the partial cancellation will decrease in line with the amount borrowed. For example:
• 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;
• If you have a Maintenance Loan of £1,200 and the amount of your first repayment is £5, you will receive a partial cancellation of £1,195;
• If you have a Maintenance Loan of £200 and the amount of your first repayment is £200, you will not receive any partial cancellation.
• If you take out a Maintenance Loan of £1,500, but make the first repayment of £50 after you’ve got your first instalment (of £500), then you’ll get a partial cancellation of £450. Whilst there would be no outstanding balance on your loan at that stage, the other instalments won’t get a partial cancellation and there’ll be a £1,000 balance on your account at the end of the year (plus interest).
Interest will continue to accrue on your total loan until your first repayment has been received and you should note that you are only entitled to get a partial cancellation once.
How do I benefit from partial cancellation of Maintenance Loan?
After you have made the first repayment of your student loan we will automatically cancel up to £1,500 of the Maintenance Loan that you took out. This repayment can either be mandatory (through your employer) or voluntary (through the Student Loans Company – such as, by making an online payment).
However, in order to get the full benefit of the partial cancellation, you should have received each instalment of the Maintenance Loan due for an academic year before making a repayment.

24. STUDENT LOAN REPAYMENT
TRUE or FALSE – You do not need to repay your loan...
True – 30 years after you enter repayment any remaining loan will be written off.
False – but you stop making repayments if your income is under the threshold.
After 30 years?
Earn under 21K?
Work/live abroad?
False – but payments will stop being collected, if unemployed/claiming Jobseeker’s Allowance.
Made redundant?
Become a teacher?
False.
False – but you stop making repayments if income is below the threshold.
Pregnancy?
You die?
Bankruptcy?
False becoming bankrupt does not write off your student loan.
True – the debt dies with you, and no one inherits it.

25. STUDENT LOAN REPAYMENTS
THE INTEREST
Interest on your loan will depend on your income and circumstances:
During study until
entering repayment
Interest Rate:
Retail Price Index plus 3%
Income:
Under £21,000
Interest Rate:
RPI Only
Income:
£21,000 to £41,000
Interest Rate:
RPI plus up to 3%
Income:
Over £41,000
Interest Rate:
RPI plus3%

26. APPLICATION INFORMATION

27. Q A B C C APPLICATION - HOW MUCH DO YOU KNOW? t
How should you apply for student finance? A
Through your local authority B
Online – Gov.uk C
Online – studentfinancewales.co.uk C
Online – studentfinancewales.co.uk

28. HOW DO I APPLY? KEY MESSAGES
When the time comes, apply online at
You don’t need a confirmed place at university or college to apply.
You can change your details online before starting your course.
If you share information from your application, this helps with scholarships
and bursaries.

29. APPLICATION INFORMATION
COMPLETING AN APPLICATION
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
your parents’ or partner’s address
The easiest way for a student to prove their identity is to give us their valid UK passport number online, when they apply. We can then check and confirm their identity without them having to actually send us 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

30. APPLICATION INFORMATION
STUDENTFINANCEWALES.CO.UK
First point of reference for student finance information, check entitlement using the student finance calculator and the site for applications.

31. SOCIAL MEDIA www.facebook.com/SFWales www.twitter.com/sf_wales
FOR THE LATEST SFW NEWS
Follow SFW for the latest news on student finance, ask questions on our feeds.

32. UNISTATS COMPARE UNIVERSITIES AND COURSES
Unistats provides the ability to compare a selection of courses and universities based on key information sets looking at important areas such as satisfaction and future employability, but also covers financial areas including average fee levels, bursary provision and average costs of accommodation in the particular town or city.

33. MANAGING YOUR MONEY

34. ? ? ? ? C C MANAGING YOUR MONEY £2.25 29p 39p £118.49 QUESTIONS?
HOW MUCH? ?
£118.49 C
What is the average weekly cost of student accommodation?*
QUESTIONS?
29p ? ? ?
39p
From
£2.25 C
Faint mae’r bag hwn o basta yn costio?
Angen ychwanegu blas?.....Mae’r jar hwn o saws yn costio?
Need some flavour?.....This jar of tasty sauce costs?
And unless you want to eat it cold.....
...one of these might be useful!
Students who hope to keep housing costs down should try Pontypridd in Wales, where a week's accommodation costs £45.94 on average, or Stockton in the North East where the weekly student rent is £47.45.
Middlesbrough and Stoke-on-Trent also offer weekly rents of below £50 at £49.21 and £49.20 respectively. (Huffington Post)
Figures show that the most expensive university flats in London cost £415 a week or around £1,800 a month – far higher than the average mortgage in the capital.
How much is this bag of pasta?
Need some flavour?.....This jar of tasty sauce costs?
*Figures from NUS based on university-owned accommodation
(Including privately owned student accommodation = £123.96)

35. Q A ? ? HOW MUCH? – ACCOMMODATION
What’s the average weekly cost of student accommodation? A
£ per week* ?
Lowest
£45 pw ?
Highest
£415pw
*Approximate figures from The Guardian
based on university-owned accommodation

36. OTHER COSTS?

37. MANAGING YOUR MONEY CONSIDER THE COSTS
Before starting in higher education, it’s important to think about the costs you’re
likely to face and how to manage your money.
Remember, you’ll receive your maintenance support payments each term
and you will need to budget for things like:
books and other study materials
accommodation, food and drink
sports, leisure and social activities
There will also be other costs you may not have thought of yet such as
insurance or a TV licence.

38. MANAGING YOUR MONEY HINTS AND TIPS TO CONSIDER
Plan a budget – and (try to) stick to it!
Ask questions and get any advice you need.
Check out student bank accounts and NUS Extra cards.
Try to avoid taking credit cards, store cards or pay day loans!!
Be aware of phishing scams – protect your information!!
If you need financial support and advice once you’re at university
or college, staff there will be able to help.
Student loans should not affect ability to get mortgages or credit based finance in the future.
Most normal financial transactions and credit relationships you have are listed on these files - yet student loans are not included.
Can ask on application forms but they don't always do – usually the bigger the transaction, the longer the application form will be.
The Council for Mortgage lenders has said 'a student loan is very unlikely to impact materially on an individual's ability to get a mortgage'.
As getting a mortgage often depends on your net income (what you get each month after tax) it could be that you are better off as you'll have more disposable income than today's graduates.
However, this is countered by the fact you are likely to be paying off your debt for longer than today's graduates, and so you will have less disposable income later on.

39. WHAT NEXT? Research - studentfinancewales.co.uk
- student finance calculator
- guides and quick guides
Apply
- online
- on time
Payment
- loans and grants paid into bank account shortly after starting course
- fees paid directly to your university
Repayment
- start paying back your loans when you have left university and income is over £21,000

40. WHAT NEXT? Research - studentfinancewales.co.uk
- student finance calculator
- guides and quick guides
Apply
- online
- on time
Payment
- loans and grants paid into bank account shortly after starting course
- fees paid directly to your university
Repayment
- start paying back your loans when you have left university and income is over £21,000

41. QUESTIONS?