www.practitioners.slc.co.uk

STUDENT FINANCE 2014/15A PRACTITIONERS INTRODUCTION

• Section 1 – The Student Finance Package

• Section 2 – Additional Support

• Section 3 – Student Loan Repayment

• Section 4 – Application Information

• Section 5 – Resources

SESSION CONTENTSi

THE STUDENT FINANCE PACKAGE 2014/15

SECTION 1

Bursaries & Scholarships

Tuition Fee Loan

Maintenance (Living Cost) Support

Additional Support

The

Student Finance

Package

Figures used in this section may change, subject to 2014/15policy approval

1 THE STUDENT FINANCE PACKAGESUPPORT AVAILABLE TO STUDENTS INCLUDES:

TUITION FEES & LOANSSECTION 1

• 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 or college (Up to £6,000 for designated courses at private HEI’s)

• The Tuition Fee Loan doesn’t depend on household income

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

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

*Publicly funded institutions with an approved Offa Access Agreement - www.offa.org.uk/access-agreements

TUITION FEES & LOANSOVERVIEW1

Tuition Fees will be paid to a HEI at three points in the academic year

Liability Date% of Tuition Fee Loan

student will be liable for

First day of Term 1* 25%

First day of Term 2 25%

First day of Term 3 50%

*Two weeks after Term 1 start date for part-time courses

Interest on the loan will be charged from the day payment is made to the university/college, not from the liability date

TUITION FEES & LOANSLIABILITY DATES1

Policy changes for students starting their courses on or after 1st

September2012:

• Students on sandwich placements will be charged 20% of the maximum full-time tuition charge – Maximum charge of £1,800

• Students on Erasmus placements will be charged 15% of the maximum full-time tuition charge – Maximum charge of £1,350

• Students on overseas placements will be charged 15% of the maximum full time tuition charge – Maximum charge of £1,350

TUITION FEES & LOANSSANDWICH & PLACEMENT YEARS1

PART-TIME STUDENTSSECTION 1

1• Publicly-funded universities or colleges can charge up to a

maximum tuition fee level of £6,750 a year for part-time courses*

• New, eligible part-time students can apply for a non means tested loan to cover the cost of their tuition at these institutions

• The actual amount charged will depend on the intensity of a course

• Course intensity is how long it takes to complete a part-time course compared to the equivalent full-time course

• Students starting designated P/T courses provided wholly by a private university or college can apply for up to £4,500 in Tuition Fee Loan

*With an Offa approved Access Agreement

TUITION FEES & LOANSOVERVIEW

• Course intensity is worked out by taking the number of part-time units studied in an academic year and dividing it by the number of units which would be completed in an academic year if studying same the course on a full-time basis

• The result is multiplied by 100 to give the intensity as a percentage

• If a part-time course takes six years to complete and the full-time equivalent takes three, the course intensity will be 50% e.g.

Part-Time Course

= 60 Units

Full-Time Course = 120 Units

Course Intensity

50%÷ =

1 TUITION FEESCOURSE INTENSITY

Students should ask a university or college if they’re unsure what their course intensity will be

• Part-time students will not be entitled to a loan or grant towards living costs but can access Disabled Students’ Allowances (DSAs)

• Bursaries or scholarships offered by universities and colleges may provide additional support based on factors such as income or academic achievement

• Continuing students whose course began before September 2012 can still apply for a means-tested fee and course grant

Students should contact their Jobcentre Plus or Department forWork and Pensions for an on-going benefit eligibility assessment

Part-time study & benefits • Part-time students can usually still claim benefits that depend on

household income (means-tested benefits) such as; Universal Credit, Income-based Jobseekers Allowance or Housing Benefit if unemployed

1 OTHER SUPPORTFOR PART-TIME STUDENTS

MAINTENANCE SUPPORTSECTION 1

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

• Two main types of support are available, Maintenance Loan and Maintenance Grant

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

• The amount of loan available will depend on where a student lives and studies

• Maintenance support is paid directly into the student’s bank account each term

1 MAINTENANCE SUPPORTOVERVIEW

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 RATES

Additional loan is available for each extra week of study forstudents attending their course beyond 30 weeks

1

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

MAINTENANCE LOANMEANS TESTING

*Slightly lower rates of support apply to final year students

1

• 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

1 MAINTENANCE GRANTOVERVIEW

As with the Maintenance Grant the maximum Special Support Grant a student could get is £3,387, students could be eligible for a SSG if they:

• Are a lone (single) parent

• Have a partner who is also a student and one or both of them are responsible for a child/young person under 20 who is in full-time education below higher education level

• Have a disability and qualify for the Disability Premium or Severe Disability Premium

• Are deaf and qualify for Disabled Students’ Allowances

SPECIAL SUPPORT GRANTELIGIBILITY CRITERIA1

• Have been treated as incapable of work for at least 28 weeks

• Have a disability and qualify for income-related Employment and Support Allowance

• Are waiting to go back to a course having taken agreed time out from that course due to an illness or caring responsibility that has now ended

• Are aged 60 or older

• Entitled to Personal Independence Payment, Armed Forces Independence Payment and Disability Living Allowance

• Eligible for the housing element of Universal Credit

Students receiving the Special Support Grant will not see areduction in their Maintenance Loan entitlement

SPECIAL SUPPORT GRANTELIGIBILITY CRITERIA1

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

BURSARIES & SCHOLARSHIPSSECTION 1

Many universities and colleges offer financial support to their studentsthrough bursaries and scholarships

Bursaries:• Linked to personal circumstances and often, household income• Awards can include fee waivers or cash

Scholarships:• Can be linked to academic results or outstanding ability in an area

such as sport, music or art• Can be subject specific and are limited in numbers

BURSARIES & SCHOLARSHIPSBURSARIES & SCHOLARSHIPSOVERVIEW1

Students should check university websites early and ask at open days for information on support available and how to apply

ADDITIONAL SUPPORTSECTION 2

Extra money or support may be available to students if they:

• Have children or adults dependent on them

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

• Are studying an NHS or Social Work course

• NHS courses include:Nursing, midwifery, physiotherapy, chiropody, dietetics, radiography, occupational therapy, the later stages of medicine and dentistry

For further information and applications students should visit:www.nhsbsa.nhs.uk/students

ADDITIONAL SUPPORTOVERVIEW2

Disabled Students’ Allowances provide help towards the additional costs

that a student may face as result of their disability, long-term health

condition, mental-health condition or specific learning difficulty:

DSAs Support:• Is available in addition to the standard student finance

package,

• Does not have to be repaid,

• Is not affected by household income,

• Looks at the specific needs of the individual in relation to their circumstances and studies

Students need to be aware the DSA application process can take up to 14 weeks!

ADDITIONAL SUPPORTDISABLED STUDENTS’ ALLOWANCES2

DSA Rates 2014/15:

AllowancePart-Time Maximum Support

Full-Time Maximum Support

Frequency of

Payment

Non-medical personal helper £15,543 £20,725 Annual

Specialist equipment £5,212 £5,212Duration of

Course

Other disability-related expenditure £1,305 £1,741 Annual

Disability related travel

No Limit – Reasonable spending can be claimed

For both full-time and part-time postgraduate students there is a single allowance of up to £10,362 a year

ADDITIONAL SUPPORTDISABLED STUDENTS’ ALLOWANCES2

Childcare Grant:Based on 85% of actual registered/approved childcare costs up

tomaximum of: £150.23 per week for one child

£257.55 per week for two or more children

Parents’ Learning Allowance:Help with course-related costs for students with dependent

childrenAmount received will be between £50 and £1,523

Adult Dependants’ Grant:Normally for the student’s partner. Can be for another adult who is financially dependent on the student where the adult’s net income is not more than £3,796 p.a. Maximum grant available: £2,668

Dependants grants are income related. Universities may offer extra support to students with childcare/caring responsibilities

ADDITIONAL SUPPORTSTUDENTS WITH DEPENDANTS’2

SECTION 3 STUDENT LOAN REPAYMENTS

• Students won’t make repayment contributions until their income is over £21,000 a year (£1,750 pm) gross

• On entering repayment, this threshold will rise annually in line with average earnings increase

• Full-time students will begin to repay in the April after graduating from/leaving their HE course (from April 2016 at the earliest)

• Part-time students enter repayment in the April 4 years after they started their course, or the April after they leave their course*

• Repayments will be a basic 9% of income earned over £21,000, but if income falls to £21,000 or below, repayments will stop

STUDENT LOAN REPAYMENTSAN OVERVIEW3

*whichever comes first

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 FIGURES

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

3

Interest added will vary, depending on a students circumstances:

During study until

entering repaymentInterest rate is:

Retail Price Index (RPI) +3%

Income:

Below £21,000Interest rate is: Set at RPI Only

Income:

£21,000 to £41,000

Interest rate is:RPI plus up to 3%

Income:

Above £41,000

Interest rate is: Retail Price Index (RPI) +3%

The interest rate applied is updated once a year in September, using the rate of RPI from that March which is carried forward

STUDENT LOAN REPAYMENTSTHE INTEREST3

While studying and until whichever comes first of:

• April after graduating or leaving a course

• April 4 years after the start of a course

Income: Under £21,000

Income: £21,000 up to £41,000

Income: Over £41,000

Interest RateRetail Price Index

(RPI) +3%

Retail Price Index (RPI) Only

Retail Price Index (RPI) + Up to 3%

Retail Price Index (RPI) +3%

Interest added will then be linked to a students income (From April 2016)

PART-TIME LOAN REPAYMENTSINTEREST ON A LOAN WILL VARY

Students who finish or leave a course before April 2016; RPI plus 3% until the April after leaving the course, then RPI only until April 2016

3

www.studentloanrepayment.co.uk

3 STUDENT LOAN REPAYMENTSDEDICATED WEBSITE

SECTION 4 APPLICATION INFORMATION

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

• Register on UCAS and we can let students know when it’s time to apply

• They do not need a confirmed place at university or college to apply

• Make a note of their account log-in details and keep them safe

• Agree to share information from their application, this helps apply for many bursaries and some scholarships

• Students will be assessed for non means tested support if there areany delays in receiving household income information

4 APPLICATION INFORMATIONRIGHT FIRST TIME - KEY MESSAGES

APPLICATION INFORMATIONCOMPLETING AN APPLICATION

Before starting an application, students should have the following to hand:

• Passport - SFE can check identity using valid UK passport details • University and course details• Bank account details and National Insurance number

If parents or other sponsors will be supporting a students application, theywill need their own account on GOV.UK and provide information including:

• National Insurance number(s)• Household income information• Details of other child dependants

If sponsors can’t submit income details online, they should send a photocopy of evidence including: P60s, Pay slips or Tax returns

4

www.gov.uk/studentfinance

GOV.UKFOR MORE INFORMATION & TO APPLY4

4 NEW LOOK ‘MY ACCOUNT’ MAKING IT EASIER TO NAVIGATE & UNDERSTAND

SECTION 4 APPLICATION INFORMATIONEVIDENCE & HOUSEHOLD INCOME

SFE require all students to provide identity evidence in order for theirapplication to progress. The following list details acceptable identificationevidence (ID):

UK Students - Identity EvidenceStudents confirm identity by providing valid passport details in their online application

If they haven't included passport details with online application they will need to send one of the following:

• A completed UK Passport Details Form (If holding valid passport)• Original UK birth or adoption certificate along with a countersigned

Birth/Adoption Certificate Form (ADIF)

STUDENT FINANCE APPLICATIONSIDENTITY EVIDENCE4

SFE require one of the following documents to be sent as proof of identity:

• EU National Identity Card (Must be in date) • Original Non-UK Passport (Must be in date) • Biometric Residence Permit cards

Non-UK Students may also need to submit the following evidence:

• Original Home Office documents - To prove refugee status or leave to enter or remain status

• Photocopies of P60, Contract of Employment, Tax Returns or a P45 - To prove European Economic Area (EEA) or UK work details

• A letter confirming addresses for the last 3 years prior to the start of course - To confirm residency details

STUDENT FINANCE APPLICATIONSIDENTITY EVIDENCE – NON UK STUDENTS4

If supporting an application for means tested student finance, SFE will need to see details of parent(s) partners or other sponsors household (taxable earned and unearned) income and National Insurance number(s)

Earned income includes:• Wages, salaries, tips, and other taxable employee pay• Long-term disability benefits received prior to minimum retirement age• Net earnings from self-employment

Unearned income includes:• Interest from savings (only the annual summary is required)• Benefits and Pensions• Rent from property or a room

For most applications, SLC verify income from these NI numbers with no need to send any documents, unless we ask for them

4 SUPPORTING AN APPLICATIONHOUSEHOLD INCOME

Financial information is needed for the tax year prior to when the student will start in higher education

• For students starting in Sept 2014 parents/sponsors should submit financial information for the 2012/13 tax year

Supporting an application – Drop in income:If household income drops by 15% or more in the current tax year, SFE can reassess an application so a student may receive additional support

Submitting a Current Year Income form:• Support the student's application for finance as normal• Complete the (CYI) form with estimates of this financial year's details• Provide evidence to support estimates at the end of the current tax year

SUPPORTING AN APPLICATIONTAX YEAR USED FOR ASSESSMENTS4

SECTION 5 RESOURCESFOR STUDENTS & PRACTITIONERS

Series of informative guides, introducing the main areas of student finance to students and their parents, including:

• Financial Support for Students

• Disabled Students’ Allowances

• How Students are Assessed and Paid

• Student Loan Terms and Conditions

Download now from our practitioners website and the SFE finance page on The Student Room

SFE FULL & QUICK-START GUIDESSTUDENT GUIDESNOW AVAILABLE FOR 2014/155

STUDENT GUIDESQUICK GUIDE SERIES 2014/15

Helpful fold-out guides highlighting essential studentfinance information:

• How and When to Apply

• Student Loan Repayments

• DSA’s and Dependants Grants

• Student Finance Explained for Parentsof Students

Download or order through practitioners website anddownload only from The Student Room SFE page

5

www.thestudentroom.co.uk/studentfinance

THE STUDENT ROOMFOR FURTHER INFORMATION & RESOURCES5

MONEY MATTERS eMAG1st EDITION AVAILABLE NOW

• New resource giving students information on student finance - What’s available and how toget it, budgeting, applications and repayment

• Content includes interviews with students atdifferent stages of their university and collegelives

• Links to interactive features, including SFE‘A Minute For’ videos

5

YOU TUBE SFE VIDEO CHANNEL5

www.youtube.com/SFEFILM

www.facebook.com/SFEngland

www.twitter.com/sf_england

SOCIAL MEDIAFOLLOW SFE FOR THE LATEST NEWS5

UNISTATSCOMPARE UNI’S COURSES AND FEES5

www.unistats.direct.gov.uk

PRACTITIONER RESOURCESSECTION 5

5 PRACTITIONER RESOURCESDEDICATED WEBSITE

www.practitioners.slc.co.uk

Access and download our wide range ofIAG resources, including:

• Suite of Factsheets

• Series of Full and Quick Guides

• PowerPoint Presentations

• Videos and Marketing Materials

• Policy Documents and SFE Updates

PRACTITIONER RESOURCESDEDICATED WEBSITE5

5 PRACTITIONER RESOURCESFACTSHEETS

Our suite of factsheets provide information on themain aspects of student finance and repayments, along with more specialised subjects, including:

• Applications, eligibility and evidence

• Finance for students at private universities or colleges

• Independent student status and students leaving care

• Changing circumstances and withdrawals

Student Finance Advisers:Our team of dedicated regional advisers work closely with key partners

across England to deliver a range of services including:

• Staff development through bespoke training, • Advice and support with SFE resources, policy and processes

If I can support you and your colleagues with any area of student finance

IAG delivery, please do get in touch:

Email: ben_rutter@slc.co.uk Tel: 075544 58871

www.practitioners.slc.co.uk/regional-support

PRACTITIONER RESOURCESSUPPORT FOR PRACTITIONERS

Practitioner Helpline: For detailed/complex regulatory advice and particularly complex assessment enquiries - 0845 602 0583

5

QUESTIONS & COMMENTS?