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Student Finance for Undergraduate and PGCE Study 2019/20

Student Finance for Undergraduate and PGCE Study 2019/20. Eligibility for Student Finance. Students applying for Undergraduate & PGCE student finance must : Normally live in UK for 3 years before start of the course and be a UK National (or have settled status )

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Student Finance for Undergraduate and PGCE Study 2019/20

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  1. Student Finance for Undergraduate and PGCE Study 2019/20

  2. Eligibility for Student Finance Students applying for Undergraduate & PGCE student finance must: • Normally live in UK for 3 years before start of the course and be a UK National (or have settled status) • Not be proposing to study for an equivalent or lower qualification than one you already hold • Be studying a designated full-time or part-time undergraduate or initial teacher training programme (e.g. PGCE) • Not have arrears owing to the Student Loans Company

  3. How to Apply for Student Finance • All applications are made online • www.gov.uk/studentfinance

  4. How to Apply for Student Finance • Ensure you apply to the correct nation

  5. When to Apply • Apply online as early as possible - from February before the start of the academic year • Application deadline (to ensure funding is available at the start of the course) is May before the September start • You can still apply after the May deadline (provided within 9 months of start of academic year)

  6. Information Needed for Application Students – you will need: • Passport number (or original birth certificate + SFE form) • National Insurance Number • Bank account details • UCAS details

  7. Information Needed for Application Parent(s)/ Partner – you will need: • National Insurance Number (or P60/ Statement of Earnings for 17/18 tax year) • Proof of separation/ divorce/ single status where applicable

  8. Supporting an Application • For undergraduate/PGCE programmes, an income-assessed application ensures maximum financial support • If you’re the parent of a student and you live with a partner, you’ll also have to provide details of your partner’s taxable income and National Insurance Number. • Taxable unearned income should also be disclosed (e.g. rent from property, interest from savings, pensions)

  9. Loans available to you: • Tuition fee loan – for payment of your tuition fees • Maintenance loan – to cover your living costs

  10. Undergraduate & PGCE Tuition Fees • Full time fees 2019/20 = £9,250 per academic year • Part time fees 2019/20 = Up to £6,935 per academic year • Non income assessed • Paid directly to the University • Part time students must study at least 25% intensity

  11. Undergraduate & PGCE Living Costs

  12. Maintenance Loan – Living Away • Amounts shown are for students living away from the parental home and studying outside of London • Additional loan is made available for those students who choose to study at a London University

  13. Maintenance Loan – Living with Parents • Amounts shown are for students living in the parental home whilst studying

  14. Maintenance Loan – Qualifying for Benefits • Amounts shown are for students who qualify for benefits, e.g. Disability Living Allowance • Students do not need to be in receipt of the benefit to be eligible for the higher rate maintenance loan, they just need to qualify for the benefit

  15. How is the Maintenance Loan paid to you? • Paid in 3 equal instalments • Payments made in September, January and April • Paid directly to the bank account that you nominate on your student finance application form

  16. Repaying the Loans • There is a 30 year repayment period • Full time students - Repayments will not start until the April after you complete your course (unless you leave early) • Part time students – Repayments will not start until the April 3 years after you complete your course (unless you leave early)

  17. Repaying the Loans • Repayments will only begin once you are earning over £25,000 a year (before tax) • Repayments are deducted at source via HMRC • You will repay 9% of income over £25,000 • Payment arrangements must be made with the Student Loans Company if you leave the UK for work

  18. Repayments – How Much?

  19. Interest Charged • You will be charged interest on both your tuition fee and maintenance loan • The rate of interest is linked to your salary • Interest is capped at the rate of inflation + 3% for higher earners

  20. Loan Write Off • Any amount of student loan not paid off after the 30 year repayment period ends, is written off • In the long term, unrepaid loans can be viewed as becoming grants • The write off does not apply to arrears

  21. DEBT?

  22. Supplementary Grant Support • Supplementary grants are non-repayable • They can include: • Disabled Students Allowance – not paid directly to you • Parent’s Learning Allowance (up to £1,716 per year) • Childcare Grant – up to 85% of registered childcare costs • Adult Dependant’s Grant (up to £3,007 per year)

  23. Funding from the University • Most institutions offer some sort of financial assistance. Always check with the University directly. • At Bishop Grosseteste University (BGU) we offer a bursary based on your household income. • Students who do not qualify for the bursary can still apply for financial assistance from the BGU Learner Fund.

  24. BGU Bursaries • Additional bursary amounts are available for: • Mature students (21 and over) - £100 • A student parent - £150 • Being a Care Leaver

  25. PGCE Training Bursaries

  26. Contact BGU Student Advice: Tel: 01522 583600 Email: studentadvice@bishopg.ac.uk www.bishopg.ac.uk/studentadvice

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