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Student Finance Update

Student Finance Update Information, Advice and Guidance Conference for Post-16 Teachers and Advisers Leeds Trinity University 8 th March 2019 Jon Legg – Funding Information Partners Account Manager. SESSION CONTENT. Introduction ... what’s new? Section 1 – UG Student Finance 2019/20

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Student Finance Update

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  1. Student Finance Update Information, Advice and Guidance Conference for Post-16 Teachers and Advisers Leeds Trinity University 8th March 2019 Jon Legg – Funding Information Partners Account Manager

  2. SESSION CONTENT • Introduction ... what’s new? • Section 1 – UG Student Finance 2019/20 • Section 2 – Application Process • Section 3– PG Student Finance 2019/20 • Section 4 – Student Loan Repayments • Section 5 – Information & Guidance Resources

  3. REVIEW OF POST-18 EDUCATION & FUNDING COMING SOON? https://www.gov.uk/government/news/prime-minister-launches-major-review-of-post-18-education

  4. STUDENT FINANCE 2019/20 KEY GOVERNMENT ANNOUNCEMENTS • Student Finance England* • UG Tuition Fee cap unchanged (£9,250 full-time, £6,935 part-time in UK) • New higher Tuition Fee Loan for accelerated degrees** (£11,100) • Maintenance Loan amounts increased by 2.8% for UG students • Maximum Disabled Students’ Allowances (DSAs) and Dependants Grant amounts for UG students increased by 2.8% • Maximum loans for new students starting postgraduate master’s and doctoral degree courses in 2019/20 increased by 2.8% • Maximum DSA for postgraduate students increased to £20,000 * www.practitioners.slc.co.uk/policy ** www.parliament.uk/business/publications/written-questions-answersstatements/written-statement/Commons/2018-11-19/HCWS1091

  5. SECTION 1 UG STUDENT FINANCE 2019/20

  6. TUITION FEES AND LOANS KEY POINTS • Maximum Tuition Fee caps maintained at 2018/19 levels in 2019/20 • For publicly funded institutions with a current TEF award and an approved OfS Access & Participation Plan, maximum tuition fee for courses will remain at £9,250 (f/t) and £6,935 (p/t) in AY 2019/20 • A non-means tested Tuition Fee Loan will meet the full cost of eligible students’ tuition • Fees paid directly to institution in instalments (25% term 1, 25% term 2, 50% term 3) – interest accrues as soon as payments are made • Tuition Fee Loans are repayable but only after students finish or leave their course and earn over the repayment threshold (currently £25K)

  7. MAINTENANCE LOAN AN OVERVIEW • Maintenance Loan amounts increased by 2.8% for 2019/20 • All eligible students can get some maintenance support • The amount they can get depends on where they live and study • They can apply for more based on household income • The Maintenance Loan is paid directly into their bank account each term • Loans are repayable but only after students finish or leave their course and earn over the repayment threshold

  8. MAINTENANCE LOAN MAXIMUM LEVELS FOR 2019/20 £ £ £ £11,672 £8,944 £7,529 Parental Home Rate: Live at home while they study Elsewhere Rate: Live and study away from home outside London London Rate: Live and study away from home in London i i If studying overseas as part of a UK course, Maintenance Loan support is still available, up to £10,242 for 2019/20.

  9. MAINTENANCE SUPPORT MAINTENANCE LOAN – MEANS TESTING New 2019 full-time students, not eligible for benefits or aged over 60* *Different amounts are available to students who are eligible for benefits while they study, aged over 60 or in the final year of their course

  10. MAINTENANCE SUPPORT MAINTENANCE LOAN – INDEPENDENT STUDENTS • For the higher rate of Maintenance Loan SFE need details of household income*, unless the student can be viewed as independent, this can be if they: • Have care of a person under the age of 18 • • Are 25 or over on the first day of the academic year • Have supported themselves financially for three years before starting HE • Are permanently estranged from their parents • Are leaving the care of a local authority (see propel.org.uk ) i i * Household income is the income of any parents, stepparent, parent’s partner, wife, husband, civil partner or legal guardian they usually live with

  11. MAINTENANCE SUPPORT MAINTENANCE LOAN ENTITLEMENT New 2019/20 full-time students, not eligible for benefits or aged over 60

  12. MAINTENANCE SUPPORT LONG COURSES LOAN RATES • Students may be eligible for the Long Courses Loan if they’re studying a • full-time higher-education course where the academic year exceeds the • standard 30 weeks and three days: • Students can get a fixed amount per extra week or part week of study • Rate depends on where students live/study and household income* i *Long Course Loan is a means tested product so only awarded to students who have a means tested student finance assessment

  13. EXTRA SUPPORT

  14. EXTRA SUPPORT DISABLED STUDENTS ALLOWANCES (DSAs) • Disabled Students’ Allowances provide help towards the additional costs 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 student • For DSA applications students will need to provide supporting evidence from a doctor or other relevant specialist

  15. EXTRA SUPPORT DISABLED STUDENTS ALLOWANCES (DSAs) i From AY 19/20 for both full and part-time postgraduate students, there is a single DSA allowance of up to £20,000 per AY

  16. EXTRA SUPPORT DEPENDANTS GRANTS • Childcare Grant: • Based on 85% of actual registered/approved childcare costs*, subject to a • maximum of: £169.31 per week for one child £290.27 per week for two or more children • Parents’ Learning Allowance: • Help with course-related costs for students with dependent children, the • amount received will be between £50 and £1,716 • Adult Dependants’ Grant: • Normally for the student’s partner or other adult financially dependent on • the student where the adult’s net income is not more than £3,796 p.a. • The maximum grant available is: £3,007

  17. DEPENDANTS’ GRANTS PAYMENT AND ASSESSMENTS • Both the DfE and SLC have reviewed the current CCG application process • and identified that changes must be made to combat fraud and improve the • ‘customer’ journey: • From AY 19/20, CCG payments will change from being paid directly to students based on estimated costs to being paid to the CCPs via a third party system* and based on actual costs incurred • DfE have confirmed that a separate income assessment for each GFD product will be introduced to replace the existing combined calculation method • Thereby facilitating the new process and simplifying the policy i *The Childcare Grant Payment Service (CCGPS) CCG – Childcare Grant CCP – Childcare Provider

  18. DEPENDANTS’ GRANTS CHILDCARE GRANT DIRECT PAYMENTS – SUMMARY POINTS What is changing? • The application process • The calculation • The payment process Who will be affected? • All SFE students who apply for GFD’s from AY 2019/20 • Newand Returningstudents • The existing CCG processes will apply for the remainder of AY 2018/19 for continuing students, before they move onto the new payment system for AY 2019/20

  19. DEPENDANTS’ GRANTS CHILDCARE GRANT DIRECT PAYMENTS – PAYMENT SUMMARY

  20. SUPPORT FOR NHS COURSES

  21. SUPPORT FOR NHS COURSES FROM STUDENT FINANCE ENGLAND & NHS • Students taking any of the following NHS courses in England have access to the same student finance package as other undergraduate students: • Nursing Midwifery Chiropody • Dental Hygiene Dental Therapy Dietetics & Nutrition • Occupational Therapy Orthoptics Physiotherapy • Operating Department Practice Prosthetics & Orthotics Podiatry • Speech & Language Therapy Radiography Radiotherapy • If they study any of these courses as a second degree in England, they are also eligible to apply for the full package of SFE & NHS support • Additional support from the NHS BSA is available to help with their additional placement costs, if they have children, or get into financial hardship: • www.nhsbsa.nhs.uk/learning-support-fund

  22. SUPPORT FOR NHS COURSES WWW.NHSBSA.NHS.UK/LEARNING-SUPPORT-FUND • If you support any new/potential nursing, midwifery or AHP students, remind • them about the NHSBSA Learning Support Fund: • NHSBSA host a lot of useful information on their website about the LSF, including the range of support on offer* and how students apply i *Child Dependants’ Allowance, Travel and Dual Accommodation Expenses and Exceptional Support Fund (Hardship)

  23. SUPPORT FOR NHS COURSES PROMOTING THE LEARNING SUPPORT FUND • NHSBSA have created social media channels and content to give students • all the information they need about the LSF: i www.youtube.com/user/TheNHSBSA/videos • facebook.com/LearningSupportFund • twitter.com/NHSBSA_LSF

  24. SECTION 2 APPLICATION PROCESS KEY INFORMATION

  25. STUDENT FINANCE APPLICATIONS KEY MESSAGE – APPLY EARLY! • Each year thousands of students apply late for their finance and have no • way to pay for their course or accommodation, some even have to drop out • ...to avoid this: • Apply online at gov.uk/studentfinance* • Apply early to make sure student finance is ready for the start of the course • Students don’t need a confirmed place at university or college to apply • Apply with their preferred choice, they can change details later if required • Provide all evidence that is requested i *The application window is usually open from Feb-May

  26. STUDENT FINANCE APPLICATIONS KEY MESSAGE – APPLY EARLY! The 2019/20 application cycle for full-time SFE students opened on February 25th i Continuing/returning students should wait to be contacted by SFE before re-applying and where possible apps will be auto rolled over May Feb 25 24 The 2019/20 ‘deadline’ for new full-time applications is May 24thand June 21stfor returning full-time students

  27. STUDENT FINANCE APPLICATIONS KEY MESSAGE – GET IT RIGHT FIRST TIME • Tips to ensure SFE can process students’ applications as quickly as possible include; • Make a note of the student finance account log-in details and keep them safe • Make sure any evidence and information needed to support an application is • supplied ‘right first time’ • Required evidence can include,Passport details, birth certificate, bank account info and National Insurance Number • SFE will need details of parents’ / sponsors’ income if students want to apply for • the higher rate of Maintenance Loan, which they also provide through Gov.uk

  28. STUDENT FINANCE APPLICATIONS FOR MORE INFORMATION & TO APPLY – GOV.UK www.gov.uk/studentfinance

  29. STUDENT FINANCE APPLICATIONS GOV.UK – STEP BY STEP STUDENT FINANCE Improved ‘Step By Step’ navigation breaks undergraduate student finance and the application journey down into clear, manageable steps:

  30. STUDENT FINANCE APPLICATIONS DIGITAL SIGNATURES – FOR ALL UG & PG APPLICATIONS

  31. STUDENT FINANCE APPLICATIONS HOUSEHOLD INCOME ASSESSMENTS • If supporting an application for means tested student finance, SFE will • need details of a student’s parents, partner or other sponsors’ household • (taxable) income and National Insurance numbers: • Taxable 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 • Taxable unearned income includes* • Interest from savings (only the annual summary is required) • Benefits and Pensions • Rent from property or a room i *More details/information can be found at www.gov.uk/income-tax

  32. SECTION 3 PG STUDENT FINANCE 2019/20

  33. POSTGRADUATE STUDENT FINANCE 2019/20 POSTGRADUATE LOAN – MASTER’S COURSES • Available to eligible students taking Master’s Degrees in any subject • Courses may be part-time or full-time, max 4 years in length • Non income assessed loan of up to £10,609 (2018/19) or £10,906 (2019/20), paid to student in 3 instalments per academic year • Contribution to the cost of doing a Master’s course, not specifically for fees or living costs, up to the student how to use the funding • Repayment terms and conditions different to undergraduate loans (£21,000 threshold, 6% deduction from earnings above this level) • www.gov.uk/masters-loan

  34. POSTGRADUATE STUDENT FINANCE 2019/20 POSTGRADUATE DOCTORAL LOAN – PhDs • Launched for new students starting doctoral courses in AY 18/19 • Courses may be part-time or full-time, between 3 and 8 years in length • Non income assessed loan of up to £25,000 (2018/19) or £25,700 (2019/20), paid to student in 3 instalments per academic year • Contribution to the cost of doing a doctoral course, not specifically for fees or living costs, up to the student how to use the funding • Students cannot also be in receipt of Research Council funding • Repayment terms and conditions same as for Postgraduate Loans • www.gov.uk/doctoral-loan

  35. SECTION 4 STUDENT LOAN REPAYMENTS

  36. STUDENT LOAN REPAYMENTS ADVANCED LEARNER LOAN & FULL-TIME UG STUDENTS • Students don’t make repayments until their future income is over £25,000 • a year (gross) or the weekly (£480) or monthly (£2,083) equivalent: • If they study full-time, they will be due to start repaying in the April after completing or leaving/withdrawing from their course* • They’ll repay 9% of any income earned over £25,000 and if employed, deductions will be made from their pay through the HMRC tax system • If their income falls to £25,000 or below their repayments will stop • Thresholds rising to £25,725 annual, £2,143 monthly and £494 weekly from 6th April 2019 i *Any outstanding loan balance will be written off 30 years after entering repayment

  37. STUDENT LOAN REPAYMENTS THE FIGURES (BASED ON THRESHOLD OF £25,000 A YEAR) Monthly repayment? £3,000 9% Deducted from? £22 Income £28,000 i i Interest is applied to your loan at a maximum rate of RPI +3% More info can be found on www.slc.co.uk/repayment

  38. STUDENT LOAN REPAYMENTS THE INTEREST – FULL TIME UG STUDENTS Interest levels will depend on a student’s income and circumstances: % £ • Interest rate is: • Set at RPI Only % £ Interest Rate: Retail Price Index +3% i The interest rate is updated once a year using the RPI figure from March (currently 3.3%) which is carried forward and applied in September Interest Rate: RPI Only Interest Rate: RPI + up to 3% Interest Rate: RPI +3% Income: Over £45,000 Income: £25,000 to £45,000 Income: Under £25,000 During study until entering repayment % £ £ %

  39. STUDENT LOAN REPAYMENTS INFORMATION & RESOURCES • Resources, and materials aimed at providing both new students and those • nearing graduation and ‘entering repayment’ with the facts they need: • Repayment Exit Pack • Interactive Repayment Guide – Found on slc.co.uk • Factsheets and Videos • Repayment Social Media Channels • Terms and Conditions Guide • Dedicated SLC Repayment Website

  40. SECTION 5 STUDENT FINANCE RESOURCES FOR PRACTITIONERS

  41. STUDENT FINANCE RESOURCES WWW.PRACTITIONERS.SLC.CO.UK • The practitioners site is our one stop, go-to location for SFE policy guidance • documents, product specific information and our latest resources:

  42. STUDENT FINANCE RESOURCES AY 2019/20 QUICK GUIDES Ideal for handing out at open days and other information events, our Quick Guides cover key facts and figures, how to apply, and how to repay: There is a Quick Guide for parents, as well as two others covering the extra help available to students with children or a disability i Stocks are limited so order your Quick Guides as soon as possible from: www.practitioners.slc.co.uk/orders/academic-year-201920

  43. STUDENT FINANCE RESOURCES WWW.PRACTITIONERS.SLC.CO.UK • Selecting ‘SUPPORTING MATERIALS’ from the home page directs you to • the resource finder, allowing access to individual items or bundles – a range • of resources covering a particular topic (incl. ALL & UG / PG student finance): • Search resources by; • Academic year • Intended audience • Subject • Resource type

  44. STUDENT FINANCE RESOURCES SFE AY 2019/20 STUDENT RESOURCES The always popular Student Finance Package factsheet and guide to how students are assessed and paid are both now available for AY 2019/20: i Access/download these resources from our Practitioners website www.practitioners.slc.co.uk/supporting-materials

  45. STUDENT FINANCE RESOURCES SFE AY 2019/20 STUDENT RESOURCES Introduction to Student Finance Presentation:

  46. STUDENT FINANCE RESOURCES SFE AY 2019/20 STUDENT RESOURCES Applying to uni can seem complex, so we’ve created an infographicfor you to share with your students to break down the entire student finance journey from finding out what’s available to loan repayment

  47. SECTION 5 STUDENT FINANCE RESOURCES FOR STUDENTS

  48. STUDENT FINANCE RESOURCES NOT JUST GOV.UK – SFE ONLINE www.thestudentroom.co.uk/studentfinance www.ucas.com/sfe www.twitter.com/SF_England www.facebook.com/SFEngland www.youtube.com/SFEFILM

  49. STUDENT FINANCE RESOURCES WWW.THE STUDENT ROOM.CO.UK/STUDENTFINANCE From Advanced Learner Loans to Postgraduate Loans, SFE’s Zone on The Student Room is packed with essential, easy to navigate information: • Visit the ‘Zone’ for; • Interactive Guides • Films and Resources • Student Finance Forum • Regular SFE news and updates • The Ask SFE and @SF_Englandlinks give students or parents opportunity to ask questions, contribute to threads and see news from our Twitter feed i Our Interactive Quick Start Finance Guide can also be accessed from the full-time undergraduate pages on the Zone

  50. STUDENT FINANCE RESOURCES SFE INFORMATION ON UCAS • The SFE pages on the UCASwebsite provide another source of key finance • messages to students as they plan to go to university: • It has all the student finance information they need, including; • Undergraduate, Postgraduate and Advanced Learner Loans • Information for parents and partners of students • The Clearing process and student finance • There’s also information on areas of common concern including repayments, • household income, EU students and withdrawing or suspending from study i For the most up to date information, encourage your students to visit: www.ucas.com/sfe

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