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Student Finance 2019 entry Online application system opened on February 25 th 2019

Student Finance 2019 entry Online application system opened on February 25 th 2019. Richard Wiltshire Higher Education Adviser. Student Finance - Contacts/resources. Apply for Student Finance 0300 100 0607 for queries https://www.gov.uk/apply-online-for-student-finance.

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Student Finance 2019 entry Online application system opened on February 25 th 2019

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  1. Student Finance 2019 entryOnline application system opened on February 25th 2019 Richard WiltshireHigher Education Adviser

  2. Student Finance - Contacts/resources Apply for Student Finance 0300 100 0607 for queries https://www.gov.uk/apply-online-for-student-finance Student Finance calculator www.gov.uk/student-finance-calculator EU Students – for queries 0141 243 3570 www.gov.uk/student-finance/eu-student www.thestudentroom.co.uk/student-finance/eu-students-and-student-finance SFE’s ‘chosen’ website for resources www.thestudentroom.co.uk/student-finance/ Practitioners site – recommended by advisers www.practitioners.slc.co.uk/supporting-materials/ Money Saving Expert – for student budgeting & best bank accounts www.moneysavingexpert.com/students/ Standalone For people who are estranged from their family www.standalone.org.uk Apply for NHS and Social Work Bursaries 0300 330 1345 – for queries www.nhsbsa.nhs.uk/student-services www.cardiffmet.ac.uk

  3. www.practitioners.slc.co.uk/media/1709/sfe_student_finance_package_fs_1920_o.pdfwww.practitioners.slc.co.uk/media/1709/sfe_student_finance_package_fs_1920_o.pdf WARNING – this can CONFUSE you rather than provide CLARITY

  4. This talk will cover The online application Tuition Fee Loan Maintenance Loan Extra Support Bursaries – based on low household income

  5. Scholarships – extra money from Uni’s Repaying the loans Accommodation costs - time to start budgeting Supporting materials

  6. The online application Parents are part of this process Please complete this form together Start your application NOWComplete and submit it by – End of May2019 You must update your application for each year of your course Some of your details may alter – especially household income

  7. Keep safe. You need it when you talk to SFE.

  8. Valid means ‘in date’. See next slide

  9. Previous answers can be changed. Keep checking that you are happy with each answer

  10. You don’t need a confirmed place to apply Apply with your PREFERRED CHOICE, you can change details later

  11. Non repayable - IT IS A GIFT Always keep this box ticked

  12. The usual answer is NO

  13. Tuition Fees - 2019 £9,250 England A Review is currently taking place for 2019 starters which may reduce this Tuition Fee

  14. Sponsored Bursaries 2019 NHS Bursaries 2019 0300 330 1345 – for queries www.nhsbsa.nhs.uk/student-services Tuition Fees + Means Tested Bursaries + Grant for: Doctor or Dentist (from 5th year) www.cardiffmet.ac.uk

  15. Apply for Social Work Bursaries in March/April 2019 0300 330 1345 – for queries www.nhsbsa.nhs.uk/student-services

  16. Social Work Degrees • Year 1 • Apply for support from No bursaries available • Years 2 and 3 • Apply to + Non income assessed bursary • Amounts not yet known for 2019 • 2018 bursaries were: • £ 3,362.50 for Universities outside London • £ 3,762.50 For Universities in London • Cap on the number of bursaries offered !

  17. Tuition Fee Loan - 2019 • You DO NOT have to pay your fees upfront UK and EU citizens • UK citizens entitled to FULL FEE LOAN [EU citizens - in EU for 3 years] • Fees are NOT income assessed =NOT means tested • Fees paid directly to the university by • Most Universities will charge up to £9250 • Welsh Universities charge £9000

  18. EU Students and Loans - 2019 EU Students – for queries 0141 243 3570 https://www.gov.uk/student-finance/eu-students www.gov.uk/student-finance-forms

  19. Tuition Fee Loan - 2019 • Some Exceptions • Local Colleges offering Degrees often charge less • - If you go to a privately funded College/Universitythe maximum fee loan from is £6,165 for 2019 entry • Some examples: • Tuition fee £7,650 / year – 2019 figure • Tuition fees: for 2 year accelerated degree • £6,995 year 1 – 2018 figure • £9,000 year 2 – 2018 figure Bursaries available Bursaries available

  20. Maintenance Loan - 2019 Assessed on Parents income = means tested Applicants can borrow up to: £11,672 study in London (up by £318) £8,944 study outside London (up by £244) £7,529 live at home - travel daily (up by £205) Paid to student in 3 instalments – Sept, Jan, April 2.8% increase on loan given to 2018 starters

  21. SUPPORTING AN APPLICATION HOUSEHOLD INCOME • If you’re supporting an application for student finance that depends on • household income, SFE will need details of your taxable income and National • Insurance number. • If you’re the parent of a student and live with your partner, they’ll also have to • give us details of their taxable income and National Insurance number. • Taxable earned income includes*: • wages, salaries, and other taxable employee pay – P60 [2017/2018 tax year] • long-term disability benefits received prior to minimum retirement age • net earnings from self-employment – Self Assessment Returns • Taxable unearned income includes*: • interest from savings (only the annual summary is required) • benefits and pensions • rent from property *More details/information can be found on the HMRC website: http://www.hmrc.gov.uk/incometax/taxable-income.htm i

  22. Maintenance Loan rates - 2019 £3,314 Basic Loan [not income assessed] £4,168 Basic Loan [not income assessed] £5,812 Basic Loan [not income assessed] i Actual money you will get as a loan AFTER household income has been assessed https://www.practitioners.slc.co.uk/media/1709/sfe_student_finance_package_fs_1920_o.pdf

  23. This is the basic maintenance loan for 2018 entrants living away from home and NOT London. The figure for 2019 entrants is £4,168 This takes you to the next question – see next slide

  24. This is the higher maintenance loan for 2018 entrants living away from home and NOT London. The figure for 2019 entrants is £8,954

  25. Student Finance calculator www.gov.uk/student-finance-calculator

  26. Interest charged on the loans Review currently taking place for 2019 starters could reduce these interest amounts a RPI (retail Price Index) is a measure of UK inflation Interest is updated annually in September using March’s RPI i RPI was 2.8% in March 2018 Interest is applied to your loan at a maximum rate of RPI +3% More info can be found on: www.studentloanrepayment.co.uk/

  27. Extra Support

  28. Disabled Student’s Allowance Is NOT affected by the household income If you have: a disability long-term health condition mental-health condition specific learning difficulty You may getextra Financial help Identifies specific needs in relation to your studies Non repayable - IT IS A GIFT

  29. University Scholarships/Bursaries • Bursaries– Make sure you claim this • Linked to personal circumstances • Most linked to household income • You get: -Discounted tuition fees (called Fee Waivers) GOOD • -Cash BETTER • -Discounted Accommodation BEST • Scholarships- Make sure you claim this • - Linked to academic results OR • - Abilities in sport, music, dance, drama etc • Each university/College will decide the criteria for eligibility • Visit Money and Funding links on University sites • Non repayable - IT IS A GIFT

  30. Bursary Scheme http://www.hkf.org.uk/hkf-awards/bursary-scheme-1/guidance-notes • Who can apply: • Young people experiencing barriers to continuing their education • Able to demonstrate that they face severe financial hardship • How much could I receive: • Up to £2250 bursary provided in instalments during time in HE Closing date May 2nd 2019

  31. SUMMARY OF GOVERNMENT FUNDING REPAYABLE: • Tuition Fee LOAN • Living cost LOAN * • NON-REPAYABLE: • University BURSARY * • University SCHOLARSHIP • NHS sponsored BURSARY * • (Doctor/Dentist) • Disabled Students Allowance *how much you get depends on household income www.cardiffmet.ac.uk

  32. Accommodation It’s time to start comparing costs Just Google:- Go Compare University Accommodation Or check the accommodation pages of your chosen Universities

  33. http://www.gocompare.com/savings/degree-of-value

  34. Repaying the loans

  35. Loan Repayments – 2019 starters SLIDE 1 You pay no moneyup front Earn OVER £25,000 - repayments START Earn under £25,000 -repayments STOP Earn average UK salary - you repay £0.00/week Interest is charged on the loan – RPI + up to 3%

  36. Loan Repayments – 2019 starters After 30 years ALL your loan written off Loans are ‘Government secured lending’ THEREFORE Loans DO NOT go on Credit Files No-one will come knocking If you are medically unable to work or die? Loan written off Most people will NEVER pay all loans back Loan belongs to student – NOT parents or family

  37. After graduating You repay 9% of your income Over £25,000 Deducted from your wages

  38. Loan Repayments – 2019 starters £4,000 9% Deducted from? Income £29,000 £30 Monthly Repayment?

  39. Typical UK Monthly Wage Slip

  40. STUDENT LOAN REPAYMENTS THE FIGURES FOR2019 University starters

  41. Supporting Materials

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