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Understanding Student Finance SFE
- 2. www.practitioners.slc.co.uk Scholarships & Bursaries Tuition Fee Loan Maintenance (Living Cost) Support Additional Support ! Figures used in this section are subject to 2014/2015 policy approval and may change
- 4. www.practitioners.slc.co.uk • Tuition Fees staying at maximum level of £9000 for publicly funded Universities for 2014/15. • A non means tested tuition fee loan (not dependant on household income) is available to cover the fee levels set by the HEI. • The Student Loans Company will lend the requested amount and pay the university/college directly in instalments across the academic year. • Not compulsory: Students can also: • Pay full fees themselves, or • Pay part of the fees and take tuition fee loan for the rest
- 6. www.practitioners.slc.co.uk • The majority of the repayable maintenance loan will be available to all eligible students. 65% of the total loan is Non Means Tested. (Not based on household income) • The amount of maintenance loan available will be linked to where a student lives and studies while in higher education.
- 7. www.practitioners.slc.co.uk Full-Year Student (*) 65% Non Means Tested 35% Means Tested Maximum Loan Parental Home £2,871 £1,547 £4,418 Elsewhere £3,610 £1,945 £5,555 London £5,038 £2,713 £7,751 Overseas £4,290 £2,310 £6,600 (*) 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!
- 8. www.practitioners.slc.co.uk • Non repayable Maintenance Grant for 2014/15 is £3,387 (max) • 100% means tested • Students from households with income of up to £25,000 will be entitled to the maximum £3,387 • Students from households with incomes of up to £42,620 will be entitled to a partial grant
- 9. www.practitioners.slc.co.uk Household Income £ Maintenance Grant Maintenance Loan Total £25,000 & under £3,387 £3,862 £7,249 £30,000 £2,441 £4,335 £6,776 £35,000 £1,494 £4,808 £6,302 £40,000 £547 £5,282 £5,829 £42,620 £50 £5,530 £5,580 £42,875 £0 £5,555 £5,555 £50,000 £0 £4,836 £4,836 £60,000 £0 £3,826 £3,826 £62,132 & over £0 £3,610 £3,610 Student living away from home, outside London 2014/15
- 11. www.practitioners.slc.co.uk Disabled Students Allowances (DSAs) For students with disability, mental-health condition or specific learning difficulty. Not affected by household income, based on need. Childcare Grant (CCG) Up to 85% of actual registered/approved childcare. Maximum of: £150.23 per week for one child, £257.55 per week for two or more children. Parents’ Learning Allowance (PLA) Help with course-related costs for students with dependent children. Amount received a maximum of £1523 Adult Dependants’ Grant (ADG) For students with a partner or another adult who is financially dependent on them (cannot be an adult child). Maximum grant is £2668.
- 13. www.practitioners.slc.co.uk • Nothing to pay until earning at least £21,000 (£1,750 pm) gross. • Full time students repay from April after graduating from/leaving their HE course. (After 2016, if earning over £21,000) • Repayments are 9% of income over £21,000, deducted automatically by HMRC. • Remaining loan balance cleared 30 years after entering repayment process • No penalties will be placed on early student repayments • A student loan is very unlikely to affect your ability to get a mortgage (The Council for Mortgage Lenders).
- 14. www.practitioners.slc.co.uk Income each year before tax Income from which 9% will be deducted Approximate Monthly Repayment £21,000 £0 £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.
- 15. www.practitioners.slc.co.uk There will be a variation in the interest rate attached to a students loan during study and when earning following graduation: ! No penalties will be placed on students making early repayments. During study until entering repayment Interest rate is: Retail Price Index (RPI) +3% Earnings: Below £21,000 Interest rate is: Set at RPI Only Earnings Between: £21,000 - £41,000 RPI plus some amount between 0% and 3% Earnings: Above £41,000 Interest rate is: Retail Price Index (RPI) +3%
- 20. www.practitioners.slc.co.uk For further Information on student finance and applications call us on: Customer helpline: 0845 300 5090 There are no silly questions when it comes to student finance, so if you’re unsure, ask! facebook.com/SFEngland @sf_england
- 21. www.practitioners.slc.co.uk • Important they make the right university and course choice, not letting fee levels affect their decision. • Research all finance available – especially bursaries & scholarships. • Apply on-line & on time – no need to wait for a confirmed place. • Apply for DSA or other additional support as soon as possible. • Check and update account online where possible.
Editor's Notes
- Current system students will now will pay 9% of anything earned over £15,795 before tax per year after the inflation increase.
- Because we are cool. Along with sharing the latest news on student finance and general application processing, students can also post comments or questions on our wall/feed and we have regular ‘live’ chat forums where one of our skilled advisers will be on hand to answer questions.
- Most normal financial transactions and credit relationships you have are listed on these files - yet student loans are not included (with the exception of students who started university before 1998 under the old loans system and have defaulted)Can ask on application forms but they don't always do – usually the bigger the transaction, the longer the app form will beThe 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