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Understanding Student Finance: Tuition Fees, Loans, and Support Explained

Navigating student finance can be complex, but it's essential for funding your education. Tuition fees for full-time and part-time studies can reach up to £9,000 per year, with loans available to cover costs. Repayment starts only after graduation and when earning over £21,000 per year. Various forms of support are accessible, including living cost loans, scholarships, and bursaries depending on household income and personal circumstances. This guide summarizes all you need to know about applying for and managing your student loans effectively.

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Understanding Student Finance: Tuition Fees, Loans, and Support Explained

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Presentation Transcript

  1. Student Finance

  2. Content • How it all works • Applying • Repaying • Resources

  3. A word about fees • Up to £9,000 per year… • …but tripling fees ≠ tripling costs: the real cost is in repayment • Nothing has to be paid upfront • Most students won’t repay the full amount borrowed

  4. Summary of changes for 2013 • Full and part-time fees remain £9,000 max • Living cost loans remain fixed at 2012 rates • Household income thresholds remain fixed at 2012 rates

  5. What support could I get?

  6. Tuition Fee Loan • Loan for cost of fees ( up to £9,000 per year in 2013) • Available for full-time and part-time study • Repay only once graduated and once earning £21k

  7. What support could I get?

  8. Living Cost Support • Money for living costs – bills, food, rent • Amount depends on income • May receive a grant (non-repayable) – earnings under £42,600 • Repay loans only once graduated and once earning £21,000

  9. Combined Support for Living Costs Student living away from home outside London 2013

  10. What support could I get?

  11. Scholarships & Bursaries • Bursaries: • May link to National Scholarship Programme • Depend on circumstances • Vary by institution • Scholarships: • Academic, sport or music • Subject specific or generic • Vary by institution

  12. Additional Support • May receive extra money or support if you: • Have children or adults dependent on you • Have a disability or learning difficulty • Are a student parent

  13. Applying

  14. www.direct.gov.uk/studentfinance

  15. https://www.gov.uk

  16. Applications • Apply early, apply online • Consent to share: helps with scholarship/bursary provision • Only supply evidence if you are asked for it. • Check online account before calling to save time

  17. Applications cont. • No need to wait for a confirmed place • If unsure of fee amount, select ‘maximum’ • Process in place for students with incorrect fee loan

  18. Resources

  19. www.facebook.com/SFEngland www.twitter.com/SF_England • Daily surgeries • Announcements on key dates, turnaround times etc. • Links to information and guidance materials

  20. www.thestudentroom.co.uk/studentfinance

  21. www.thestudentroom.co.uk/studentfinance Sifter widget

  22. Explaining Repayment www.studentloanrepayment.co.uk

  23. Student Loan Repayment • You are eligible for repayment: April after you leave/graduate if full-time, or April 4 years after starting if part-time • No repayments until earning over £21,000 pa gross • Repayments via HMRC @ 9% of earnings above £21,000 • No early repayment charge • Any outstanding debt written off after 30 years

  24. Student Loan Repayment

  25. Interest Rates

  26. Interest RatesICR Historical Interest Rates *2.56 is the median – the interest rate was adjusted down four times in 2008/09

  27. Additional Info • A student loan is unlikely to affect your ability to get a mortgage (The Council for Mortgage Lenders ) • Mortgage lenders are most interested in your monthly income (‘ability to repay’) • Under the new system monthly repayments lower = greater monthly income • Students may find they are better off…

  28. Better off with higher fees? Example 1 (old system): • Old system student borrows £21,000 at end of studies (£3,000 per year fees loan x 3 + £4,000 living cost loan per year x 3) • Plus interest owes approx £23,000 after studies • Starting salary of £24,000 • Total repayments = £35,500 (repaying full balance in approx 24.5 years) Assumptions: 2% salary growth, 3% average inflation/interest

  29. Better off with higher fees? Example 2 (new system): • New system student owes £40,000 at end of studies (£9,000 per year fees loan x 3 + £4,300 per year living cost loan x 3) • Plus interest owes approx £45,000 after studies • Starting salary of £24,000 • Total repayments = £22,000 (balance written off after 30 years) Assumptions: 2% salary growth, 3% average inflation/interest

  30. Student Loan Repayment

  31. Order here

  32.  0845 300 5090  www.direct.gov.uk/studentfinance  www.thestudentroom.co.uk facebook.com/SFEngland @sf_england

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