Student Financial Support for 2011 higher education entrants. Finding out about funding your time at university Part Two

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1 Student Financial Support for 2011 higher education entrants Finding out about funding your time at university Part Two

2 Student finance: tasks for this session (recap) Visit Read the section on Finance for new full-time students Create an estimate with your course choices on the calculator Produce a budget for at least one of your course choices Bring your estimate reference number to this session

3 Student finance: tasks for this session Do you have any questions about the student finance package? How did you find the calculator? How much support do you expect to receive? What financial differences were there between courses? Will these affect your choice of course? On the budget calculator, did your income cover your outgoings? What about repayment?

4 Repayments: how much do YOU know? (Quiz) 1) Are repayments based on a) The size of your debt? b) How much you earn in your job? c) Your credit rating? 2) Is interest added to student loans a) From the day you take them out? b) From the day you graduate? c) From the day you start work once you ve got a job? 3) How is the interest rate on student loans set? a) It s set by the Bank of England b) It s linked to the rate of inflation c) The rate varies depending on how much you owe

5 Repayment facts Interest is charged from when loans are taken out until they are repaid in full; Repayment begins the April after you finish or leave your course (as long as earnings are above 1,250 a month or 15,000 a year); Repaid through tax system; Any outstanding balance written off by government after 25 years.

6 Loan Repayment Income each year before tax up to 15,000 16,000 18,000 21,000 24,000 27,000 30,000 Monthly salary Below 1,250 1,333 1,500 1,750 2,000 2,250 2,500 Approximate monthly repayment

7 (direct link) Retrieve your saved estimate

8 Click on Repayment Calculator

9 Give details of course length and expected salary on graduation to generate an estimate of loan repayments

10 Estimate for each course, explanation of how repayments work and some case studies

11 Applying for Student Finance: Top Tips Use the student finance calculator to work out how much you can get; You can bring across data from a calculator estimate into your student finance application; Apply as early as possible you don t have to have a confirmed place;

12 Applying for Student Finance: Top Tips It s quickest and easiest to apply online; you can also track your application and change details like course, bank account number etc. online; Before submitting an application, check all information and evidence thoroughly to avoid subsequent delays.

13 Applying for Student Finance Go to Click on Register and apply for student finance

14 Click on Full time students: Register and apply for full-time student finance online

15 How to apply & get paid.. Part One Go to SFE website, select Register and apply for student finance then complete application Complete declaration form Submit all info and evidence requested SFE assesses application; Requests any missing info or evidence

16 How to apply & get paid.. Part Two SFE approves application; Sends Notification letter to student Take Notification letter to university when you register on your course SFE makes first grant and loan payments to student & university

17 Student finance timescales for Year 13s in 2010/11 Autumn Term Use student finance calculator to research likely support, budgeting and repayment Spring Term Apply for student finance as early as possible; receive Notification letter within 6 to 8 weeks Summer Term Application deadline in June Higher Education Term 1 Register at university, receive student finance

18 Student finance Key Messages Use the calculator to help you make informed choices Apply as early as possible well before deadline Apply online & use online functions post-application Check your application and evidence really carefully Take your Notification letter when you register

19 For more information on student finance please visit You can follow Student Finance England on facebook.com/sfengland twitter.com/sf_england For additional guidance please talk to your personal tutor, teacher, Head of Sixth Form, student advisor or Connexions PA Acknowledgements This module has been produced with the kind assistance of: Paul Symes Associates Carlton Le Willows School, Nottingham