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Student Finance Practitioner Presentation 2012
- 1. Student Finance £
- 2. Student Finance England… •Are part of the Student Loans Company • Administer financial support for higher education students who normally live in England • Students apply to us for funding • We pay their university or college the fees, and pay them their support
- 3. Student Finance Package Tuition Fee Loan Additional Student Finance Maintenance Support Package Support Scholarships & Bursaries
- 4. Tuition Fee Loan £
- 5. Tuition fees •HE institutionscan charge up to £9,000 per year •The fee levels set will be decided by the university •The average for 2012 is thought to be around £8,657
- 6. Paying the tuitionfee •No upfront payments •The non means tested tuition fee loan (not dependent on household income) is available to cover tuition fees •Tuition fee loan is not compulsory
- 7. Maintenance Support £
- 8. Maintenance Loan All eligiblestudents are entitled to a Maintenance Loan, with 65% of the total loan amount being Non Means Tested (not based on household income) The amount of Maintenance Loan available will be linked to where a student lives and studies
- 9. Maintenance Grant •100% means-testedand non-repayable •Students from households with income of up to £25,000 will be entitled to the maximum £3,354 •Students from households with incomes of up to £42,600 will be entitled to a partial grant
- 10. Combined support Student living away from home, outside London Household Maintenance Maintenance Total Income Grant Loan £25,000 & £3,354 £3,875 £7,229 under £30,000 £2,341 £4,330 £6,671 £35,000 £1,432 £4,784 £6,216 £40,000 £523 £5,239 £5,762 £45,000 £0 £5,288 £5,288 £50,000 £0 £4,788 £4,788 £55,000 £0 £4,288 £4,288 £60,000 £0 £3,788 £3,788 £62,500 & over £0 £3,575 £3,575
- 11. Scholarships and £ Bursaries
- 12. Scholarships and bursaries HEIBursaries: •Depend on circumstances •Vary by institution HEI Scholarships: •Academic, sport or music •Vary by institution National Scholarship Programme: •Fee waiver or discount •Discounted accommodation or other service •Scholarship/bursary – capped as a cash award at £1,000.
- 13. Additional support £
- 14. Disabled Students Allowance •Helptowards the additional costs that a student may face as a result of their impairment, health condition or specific learning difficulty •In addition to the standard student finance package. •Does not have to be repaid •Is not affected by the household income •Looks at the specific needs of the individual in relation to their studies.
- 15. Disabled Students Allowance DSAAllowance rates Part-time Full-time Frequency of Allowance maximum maximum Payment support Support Non-medical personal helper £15,390 £20,520 Annual Duration of Specialist equipment £5,161 £5,161 course Other disability-related £1,293 £1,724 Annual expenditure Disability-related travel No Limit – reasonable spending can be claimed Full and part-time disabled postgraduate students can receive up to £10,260 a year
- 16. Dependants Grants (meanstested) Adult Dependants’ Grant (application on-line through directgov) For students with a partner or another adult who is financially dependent on them (cannot be an adult child). Maximum grant £2,642. Students with children: Childcare Grant (application by completing form) Based on 85% of actual childcare costs up to maximum of: £148.75 per week for one child £255 per week for two or more children Students apply by completing form Parents’ Learning Allowance (application on-line through directgov) Help with course-related costs for students with dependent children. Amount received will be between £50 and £1,508.
- 17. Student Loan £ Repayment
- 18. Student Loan Repayment •You are eligible for repayment: – the April after you leave/graduate if full-time – the April 4 years after starting if part-time • No repayments until earning over £21,000 pa (£1,750 per month) gross • Repayments collected by HMRC, at a rate of 9% of what you earn above £21,000 • Any outstanding debt written off after 30 years
- 19. Student Loan Repayment Incomeeach year before tax Approximate monthly repayment Current Students Future Students £15,000 £0 £0 £16,000 £8 £0 £18,000 £23 £0 £21,000 £45 £0 £24,000 £68 £23 £27,000 £90 £45 £30,000 £113 £68 £33,000 £135 £90 £36,000 £158 £113 £40,000 £188 £143
- 20. Student Loan interestrates While at university if taking out Maintenance / Tuition Fee Loan (interest starts accruing as soon as loans are taken out) Retail Price Index + 3% Once in repayment system: not working or earning below £21,000 Retail Price Index Once in repayment system: earning £21,000 - £41,000 Retail Price Index + up to 3% (sliding scale) Once in repayment system: earning more than £41,000 Retail Price Index + 3%
- 21. Resources for students £ & parents
- 22. Clearly Worded Checklistsfor Students
- 23. www.facebook.com/SFEngland www.twitter.com/SF_England • Announcements onkey dates, turnaround times etc. • Links to information and guidance materials
- 24. Customer Helpline (forstudents & sponsors) Help with applications Info on student finance But check website first! 8am to 8pm Monday to Friday 9am to 5:30pm Saturday & Sunday 0845 300 5090
- 25. Resources for you £
- 26.
- 27. Resources for youto use with students
- 28. Resources for usewith parents Developed following partner survey & consultation Suite of resources including myth buster, FAQ & video
- 29. Lesson Plans linkedto IAG Quality Standards Two fully scripted 45 minute lesson plans Developed & trialled with IAG partners, updated for 12/13 Interactive & encourage research Fully mapped to IAG Quality Standards
- 30. Resources to helpwith applications
- 31. Resources to usein your prospectus
- 32. Practitioner Team Helpline Regulations ComplexQueries Designated Courses Expert Advice 10am to 4pm Monday to Friday 0845 602 0583 or ssin_queries@slc.co.uk