Higher Education Student F inance and 24+ Advanced Learning Loans

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1 Higher Education Student F inance and 24+ Advanced Learning Loans

2 Studying an HNC, HND, Access to HE or Foundation Degree at TyneMet College gives you the opportunity to really invest in your future. With a competitive fee structure and flexible payment schemes, you can feel confident that you re receiving great value for your money at the same time. Our dedicated expert Student Advisors in the Gateway team are always on-hand to offer free fees advice too; this means you can fulfil your ambitions and get yourself into a career that you really want without worrying about the cost. There is a wide range of financial support available to you, please see the following information about loans, grant and other financial support and the eligibility criteria associated with each. For further information about any of these schemes, please contact a Student Advisor in the Gateway team. Student Advisors are happy to help with any issues surrounding financial support, childcare and travel. Call in to the Gateway to speak to a Student Advisor or contact us: [email protected] or call , option 2

3 Higher Education Loans and Grants (for HNDs, HNCs or Foundation Degrees) This section explains the Higher Education loans and grants available to support students undertaking an HNC, HND or Foundation Degree at TyneMet. Tuition Fee Loan The tuition fee loan is available for UK or EU full-time or part-time students to cover the cost of tuition fees. The loan is paid directly to the College and you will be required to repay this. Maintenance Loan The maintenance loan is available for full-time UK students to help to pay for expenditure such as rent, bills, food etc. This is means tested so the amount you receive will be determined by the income into your household. This is paid directly into your bank account, generally in three instalments. Maintenance Grant The maintenance grant is available for full-time UK students and is for students who are from a low income household. The maintenance grant replaces some of the loan and you will not be required to be pay this back. Special Support Grant The special support grant is available to full-time UK students. You may get a special support grant instead of a maintenance grant if you get or qualify for: Income Support Income-related ESA Housing Benefit The housing element of Universal Credit. The amount you can receive is the same as the maintenance grant, but it won t reduce the maintenance loan available to you. 3

4 Childcare Grant Full-time Higher Education students with children can apply for childcare grant of: Up to a week for 1 child Up to a week for 2 or more children This grant helps with childcare costs for children who are under 15 years of age, or under 17 years if they have special education needs. This is in addition to your student loan and you will not be required to repay this grant. Parents Learning Allowance Full-time students with children can apply for parents learning allowance to help with their learning costs of up to 1,523 a year. This money can help to pay for books, study materials and travel. The amount you receive is means tested and you will not be required to pay this back. It is paid in addition to your student finance and won t affect your benefits or tax credits. Adult Dependants Grant Full-time Higher Education students with an adult who depends upon them financially can apply for an adult dependants grant of 2,757. You can apply for this grant on top of any other student finance and you will not be required to pay it back. Disabled Student Allowance (DSA) Students with a disability, long term health condition, mental health condition or specific learning difficulty (e.g. dyslexia) can apply for disabled student allowance. The support you receive depends upon your individual needs and not your household income. This money is available to help you with any costs that are a direct result of your disability or learning difficulty (for example, specialist equipment, note-taker or reader, extra travel because of your disability etc.). Money is paid either into your bank account or directly to the organisation providing the service or equipment. To see what you may be entitled to, use the student finance calculator at To apply for student finance, visit 4

5 Paying Back Student Loans You will not start to repay any student loans until you earn over 21,000 a year. Repayments are put on hold if your income drops below 21,000. Each year you pay back 9% of any income over 21,000 (see example below): Your income per year Monthly repayment 21,000 and under No repayments 25, , , , All of your student loans are added together and will be deducted from your salary. You can pay back some or your entire loan at no extra charge. If you leave your course early you will still have to repay your student loan. Any balance outstanding after 30 years will be written off. You pay interest on your student loans from the time your first payment is made until your loan is paid back in full. The following rates apply: Income Interest rate While you re studying Rate of inflation (Retail Price Index) plus 3% 21,000 or less Rate of inflation 21,000 to 41,000 Rate of inflation plus up to 3% Over 41,000 Rate of inflation plus 3% For more details about repayments, see Financial Support from University of Sunderland If you are a student reading a University of Sunderland course at TyneMet, there is a range of scholarships available that you may be eligible for. These include: Off Campus Scholarship which reduces course fees by 1,200 per year Get There Scholarship which is a free 12 month travel pass for your first year of study. Other scholarships are available (subject to eligibility), for further details please see Other methods of support may also be available. For more information, visit 5

6 Financial Support from Tyne Metropolitan College National Scholarship Programme (14-15 academic year only) Students studying a Higher Education course through TyneMet can apply for the Colleges National Scholarship Programme. The scholarship is awarded via a fee waiver and bursary (bursary only available for full-time students). Students need to apply directly to the College using the scholarship application form, which is available from the Gateway team. You are eligible to apply if: you are studying the first year of an eligible HE programme on a full-time or part-time basis have legal residency in England, without restrictions on your stay (speak to a Student Advisor in the Gateway for further guidance) have a household income of less than 25,000 per annum and have been awarded the maximum grant support from Students Loans Company You must not be continuing from one HE course to another (for example HNC to an HND) You must not have fees paid or part paid through a sponsorship arrangement The College has a limited number of scholarships so meeting the essential criteria above does not guarantee you will receive a scholarship. Applications are assessed and scored against set criteria. For guidance information (including scoring criteria) and an application form), see Alternatively ask a Student Advisor in the Gateway team at the Coast Road Campus or Queen Alexandra Campus for further advice and application details. Financial Hardship If you are struggling to attend and stay at college due to financial circumstances, please book an appointment to speak to one of our Student Finance Advisors who will be able to offer advice and support to help keep you on track. Appointments can be booked through the Gateway team at the Coast Road Campus and Queen Alexandra Campus, or by calling (key option 2). 24+ Advanced Learning Loans (for Level 3 and 4 Further Education Certificates and Diploma Programmes) This section explains 24+ Advanced Learning Loans for students at TyneMet College. 24+ Advanced Learning Loans are similar to Higher Education loans, but are for Further Education (FE) students. The 24+ Advanced Learning Loan is accessible for students aged 24 years or above, studying a Level 3 or 4 Certificate or Diploma, including Access to Higher Education programmes. The loan is to cover the cost of your course fees and money is paid directly to the College. 6

7 You don t need to pay anything back until you start earning over 21,000 per year, however if your loan is for an Access to HE programme and you progress to complete a Higher Education programme, you will not pay back your 24+ Advanced Learning Loan at all. Repayments are put on hold if your income drops below 21,000. Each year you pay back 9% of any income over 21,000 (see example below): Your income per year Monthly repayment 21,000 and under No repayments 25, , , , , Your 24+ Advanced Learning Loan will be deducted from your salary. You pay interest on your student loans from the time your first payment is made until your loan is paid back in full. The following rates apply: Income Interest rate While you re studying Rate of inflation (Retail Price Index) plus 3% 21,000 or less Rate of inflation 21,000 to 41,000 Rate of inflation plus up to 3% Over 41,000 Rate of inflation plus 3% 24+ Advanced Learning Loan Bursary Fund The 24+ Advanced Learning Loans Bursary Fund is to support students who have received a 24+ Advanced Learning Loan approved by the Student Loan Company for a Level 3 or Level 4 Further Education Certificate or Diploma and who have a household income of less than 30,000. This fund is used to support students with travelling expenses, childcare, additional learning support (ALS) and cases of extreme hardship. ALS support will be determined by the Additional Support team within the College, and can include classroom support, learning resources or any other necessary support. Application forms and guidance leaflets are available from the Gateway at the Coast Road Campus and Queen Alexandra Campus. Financial Hardship If you are struggling to attend and stay at college due to financial circumstances, please book an appointment to speak to one of our Student Finance Advisors who will be able to offer advice and support to help keep you on track. Appointments can be booked through the Gateway team at the Coast Road Campus and Queen Alexandra Campus, or by calling (key option 2). 7

8 Student Advisors in our Gateway team are available to help with any issues surrounding financial support, childcare and travel. To contact a Student Advisor: [email protected] Call , option 2 Or pop into the Gateway on the Coast Road Campus or Queen Alexandra Campus. Version 2, printed January 2015.