www.gov.uk/studentfinance

STUDENT FINANCE MATTERS

C My daughter/son can’t afford to go to university, it’s far too expensive!

A Regardless of household income, eligible students can apply for a Tuition Fee Loan to help with the cost of fees, and a Maintenance Loan to help with their living costs.

! COMMON CONCERNSTUITION FEES

A Repayments don’t start until your child’s income is over £21,000 a year. They’ll then repay only 9% of their income over this threshold.

C Debt from a student loan will be unmanageable!

A The amount they repay will only increase with their earnings as repayments are based on their income, not how much they’ve borrowed.

COMMON CONCERNS! COMMON CONCERNSREPAYMENTS

SFE Provide financial support on behalf of the UK government to students from England entering higher education in the UK:

• The two main costs full-time students will have while studying are tuition fees and living costs.

• SFE make finance available to help students with both.

• Depending on their circumstances, course and where they study, students may be able to get a range of financial help and support.

• This includes grants and bursaries (which don’t have to be paid back)

and loans (which do).

i STUDENT FINANCE ENGLAND (SFE)

Bursaries & Scholarships

Tuition Fee Loan

Maintenance (Living Cost) Support

Additional Support

The

Student Finance

Package

1 THE STUDENT FINANCE PACKAGESUPPORT AVAILABLE TO STUDENTS INCLUDES:

• Universities and colleges* can charge new full-time students up to £9,000 per year (£6,750 part-time) for tuition fees.

• Eligible students won’t have to pay any tuition fees up front.

• A Tuition Fee Loan is available to cover the fee charged by the university.

• Remember that it doesn’t depend on household income.

• SFE pay any Tuition Fee Loan directly to a university or college.

• The loan is repayable, but only when the student’s future income is over £21,000 a year.

*Publicly funded

1 TUITION FEES & LOANS

• Maintenance support is available to help with living costs a studentwill face while in higher education.

Two main types 1. Maintenance Loan2. Maintenance Grant.

• The Maintenance Loan is repayable and all eligible students are entitled to get some funding.

• The amount of loan available will depend on where a student lives and studies and is paid directly into the student’s bank account each term.

.

1 MAINTENANCE SUPPORT

Where Students Live & Study Maximum Loan Available

Parental HomeLive at home £4,418

ElsewhereLive away from home and study

outside of London£5,555

LondonLive away from home and study in

London£7,751

OverseasStudy overseas as part of a UK

course£6,600

MAINTENANCE LOAN2014/15 MAXIMUM RATES1

• The Maintenance Grant doesn’t have to be repaid.

• How much grant a student can get depends on their household income (100% means tested).

Household income thresholds for 2014/2015:

MAINTENANCE SUPPORT

Household Income:up to £25,000

Household Income:up to £42,620

Full Grant of £3,387

Partial Grant

MAINTENANCE GRANT1

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

£62,132 & over £0 £3,610 £3,610

COMBINED MAINTENANCE SUPPORTLIVING AWAY FROM HOME, OUTSIDE LONDON1

Students can get a quick estimate of their student finance entitlement using the calculator on gov.uk/studentfinance

ADDITIONAL SUPPORT

Extra support may be available to students who:

• have a child or an adult who depends on them financially

• have a disability, long-term health condition, mental-health condition or specific learning difficulty

• study an NHS or Social Work course

• NHS courses include:nursing, midwifery, physiotherapy, speech and language therapy, dietetics, radiography, the later stages of medicine and dentistry

ADDITIONAL SUPPORT

For more information on eligibility and applications for NHSsupport go to www.nhsbsa.nhs.uk/students

1

STUDENT LOAN REPAYMENTSTUDENT LOAN REPAYMENTSAN OVERVIEW2

• Students won’t make repayments until their income is over £21,000 a year gross (before tax).

• Full-time students will be due to start repaying in the April after graduating from/leaving their higher-education course.

• Repayments will be 9% of income over £21,000 and when employed deductions will be made from their pay through the HMRC tax system.

• If their income falls to £21,000 or below, repayments will stop.

• Early repayments can be made at any time, but any outstanding loan balance will be written off 30 years after entering repayment.

Income each year before tax

Income from which 9% is deducted

Monthly Repayment

(Approx)

£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

STUDENT LOAN REPAYMENTSTHE FIGURES2

More information on loan repayments and interest rates can be found on www.studentloanrepayment.co.uk

Each year thousands of students apply late for their finance andhave no way to pay for their course or halls

• It will take at least six weeks* to process an application so apply early!

• Apply online at gov.uk/studentfinance to make sure that student finance is in place for the start of their course.

• Students don’t need a confirmed place at university or college to apply for student finance.

• Apply with their first choice, they can change details later if they need to.

STUDENT FINANCE APPLICATIONS KEY MESSAGES FOR STUDENTS – APPLY EARLY3

*SFE handle over 1 million applications a year, most involve interactions with other government departments, e.g. HMRC

www.gov.uk/studentfinance

NEED MORE INFORMATION?iiFor further Information on student finance and

applications go to:www.gov.uk/studentfinance

For a range of helpful tools and guidance, visit:

www.thestudentroom.co.uk/studentfinance

www.gov.uk/studentfinance

2 other sources of information are:

http://www.thescholarshiphub.org.uk/

@enorfolkcareers