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Student Finance Package. Student Finance Package. Tuition Fee Loan. Student Finance Package. Maintenance Support. Additional Support. Scholarships & Bursaries. Tuition Fee Loan. Tuition Fees. HE institutions can charge up to £9,000 per year - PowerPoint PPT Presentation
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StudentFinancePackage
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Tuition FeeLoan
Maintenance
Support
Scholarships
& Bursaries
AdditionalSupport
Student FinancePackage
Student Finance Package
£
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Tuition FeeLoan
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Tuition Fees
• HE institutions can 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
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• Eligible students will not have to pay up front fortuition
• The non means tested tuition fee loan (not dependent onhousehold income) is available to cover tuition fees
• SLC will pay the university/college in instalments across the academic year.
• Not compulsory
Paying the Tuition FeeTuition
FeeLoan
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Tuition Fee LiabilityTuition
FeeLoan
Tuition Fees will be paid to HEI at three times in the academic year
Liability date % of Tuition Fee loan student will be
liable forFirst day of Term 1 25%First day of Term 2 25%First day of Term 3 50%
Interest on the loan will be charged from day payment is made to the university/college not from
the liability date
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Part Time StudentsTuition
FeeLoan
• From September 2012 new part-time students can apply for a non means tested tuition fee loan which replaces the existing means tested fee and study grant
• The maximum for part-time courses is £6,750 a year
• Part-time students are not entitled to support for living costs but may get Disabled Students Allowance (DSA)
£
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MaintenanceSupport
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•All eligible students 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:
Maintenance LoanMaintenanc
eSupport
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eSupport
Full-Year Student
65% Non Means Tested
35% Means Tested
Maximum Loan
Parental Home £2,843 £1,532 £4,375
Elsewhere £3,575 £1,925 £5,500
London £4,988 £2,685 £7,675
Overseas £4,247 £2,288 £6,535
Maintenance Loan Specific Amounts
Students attending their course beyond 30 weeks, additional means tested loan is available for each additional week of study.
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Household Income
2011/12 entrant rate
2012/13 entrant rate Difference
£25,000 & under £3,497 £3,875 £378
£32,500 £4,247 £4,557 £310£37,500 £4,512 £5,011 £499£42,500 £4,677 £5,466 £789£47,500 £4,824 £5,038 £196£52,500 £4,606 £4,538 £-68£57,500 £3,606 £4038 £432
£62,500 & over £3,564 £3,575 £11
Maintenance LoanChanges in Maintenance Loan levels
Maintenance
Support
For 2012/13 entrants, income exceeding £42,600 and up to £42,875 the maximum loan will be awarded. (If applied for)
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• The maximum non repayable Maintenance Grant level in2012 is £3250
• The Maintenance Grant is 100% means-tested
• Students from households with income of up to £25,000 will be entitled to the maximum £3,250
• Students from households with incomes of up to £42,600 will be entitled to a partial grant
Maintenance GrantMaintenanc
eSupport
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Maintenance Grant
Household Income
2011/12 entrants
2012/13 entrants Difference
£25,000 & under £2,906 £3,250 £344
£27,500 £2,406 £2,795 £389£30,000 £1,906 £2,341 £435£32,500 £1,406 £1,886 £480£37,500 £875 £977 £102£40,000 £710 £523 £-187£42,500 £546 £68 £-478£47,500 £216 £0 £-216£52,500 £0 £0 £0
Comparative Maintenance Grant Levels
Maintenance
Support
*Maximum Maintenance Grant for 2011/12 Starters in 2012/13 will be £2984
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Household Income
Maintenance Grant
Maintenance Loan Total
£25,000 & under £3,250 £3,875 £7,125
£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
Student living away from home outside London 2012/13
Combined SupportMaintenanc
eSupport
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Special Support GrantTuition
FeeLoan
• Replaces the Maintenance Grant for students who can claim income-related benefits. Some examples: -• Lone (single) parent
• Student with a partner who is also a student and one or both are responsible for a child under 20 who is in full-time education below higher education level
• Student with a disability who qualifies for the Disability Premium, Severe Disability Premium or income-related Employment and Support Allowance
• If awarded the Special Support Grant, the student’s Maintenance Loan entitlement will not be reduced
Maintenance
Support
£
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Scholarships& Bursaries
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Bursaries:• Depend on circumstances• Example: University of Exeter
Access to Exeter Bursary SchemeBursaries of £1,500 for students with household income of below £25,000£1,000 for students whose household income is between £25,000 and £35,000£500 for students with a household income between £35,000 and £42,600.
Scholarships:• Academic, sport or music• Subject specific or generic• Vary by institution
Scholarships & BursariesScholarship
s& Bursaries
12_1
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s& Bursaries
Options could include:• Fee waiver or discount• Discounted accommodation or other service• Scholarship/bursary – capped as a cash award at
£1,000.
Example: University of Exeter• Household income below £16,000: Tuition fee
reduction of £3,000, OR £2,000 fee reduction and £1,000 as an accommodation bursary
• Household income £16,000 - £20,000: Tuition fee reduction of £2,000
• Household income £20,000 - £25,000: Tuition fee reduction of £1,000
National Scholarships (NSP)
£
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AdditionalSupport
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Disabled Students Allowance
• Help towards 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.
Additional
Support
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lSupport
AllowancePart-time maximum support
Full-time maximum Support
Frequency of Payment
Non-medical personal helper £15,390 £20,520 Annual
Specialist equipment £5,161 £5,161 Duration of course
Other disability-related expenditure £1,293 £1,724 Annual
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
Disabled Students Allowance
DSA Allowance rates 2012/13
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Childcare GrantBased 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
Parents’ Learning AllowanceHelp with course-related costs for students with dependent children. Amount received will be between £50 and £1,508Adult Dependants’ GrantFor students with a partner or another adult who is financially dependent on them (cannot be an adult child). Maximum grant £2,642
The amount the student receives will depend on net household income in the academic year of the course.
Dependants’ GrantsAdditiona
lSupport
£
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Student loanrepayment
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Student Loan Repayment
• Student is eligible for repayment:– the April after they leave/graduate if full-
time– the April 3 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 earnings above £21,000
• Any outstanding debt written off after 30 years
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Student Loan Repayment
• Student is eligible for repayment:– the April after they leave/graduate if full-
time– the April 3 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 earnings above £21,000
• Any outstanding debt written off after 30 years
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Loan Repayment
Income each year before tax Approximate monthly repaymentCurrently 2012 entry
£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
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Interest Rates
£
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IAG Resources 2012/13
£
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Student &
Sponsor Resource
s
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http://yourfuture.direct.gov.uk
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Help with applications
Info on student finance
But check website first!
8am to 8pm Monday to Friday9:30am to 5pm Saturday & Sunday
0845 300 5090
£
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PractitionerResources
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http://www.bis.gov.uk/studentfinance
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http://practitioners.studentfinanceengland.co.uk
12_1
3Practitioner Pack
Resource pack containing fact sheets covering all aspects of student finance, fully updated for 12/13
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3Resources for use with parents
Developed following partner survey & consultation
Suite of resources including myth buster, FAQ & video
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3Practitioner Team Helpline
Regulations
Complex Queries
Designated Courses
Expert Advice
10am to 4pm Monday to Friday
0845 602 0583 or [email protected]
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http://practitioners.studentfinanceengland.co.uk
Students & Parents/Sponso
rs
Customer Helpline
0845 300 5090
http://www.direct.gov.uk/studentfinance
http://www.facebook.com/SFEnglandhttp://www.twitter.com/SF_England
Expert Advicefor Practitioners
Practitioner Helpline
0845 602 0583Practitioner Team [email protected]
Local Supportfor Practitioners
Jon Legg0777 162 4163
Local [email protected]
£
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QuestionsOr
Comments?
