Student Finance 2016/17

Transcription

1 Student Finance 2016/17

2 Tuition fees and tuition fee loans Loans and grants for living costs University bursaries and scholarships Costs of living Loan repayments For students currently living in England. Different support arrangements are in place for students from Scotland, Wales and Northern Ireland.

3 Tuition Fees Tuition fees vary from course to course, the maximum is 9,000 per year. Fees may rise each year in line with inflation.

4 Tuition Fee Loans Tuition fees do not have to be paid upfront. Eligible Home (UK) and EU students can apply for a loan to cover these costs, whether they study part or full time. Eligibility for the loan depends on residency status in the UK, and any previous study students may have done (either in the UK or elsewhere). Loans are repaid after graduation, depending on income.

5 Maintenance Loans Maintenance loans (for living costs) are available to eligible full-time students from England. These loans are partially income-assessed. The repayment terms are exactly the same as the tuition fee loan. The amount of loan available depends on: o Where the student lives o Household income o Whether they receive a maintenance grant

6 2015/16 rates Minimum loan Maximum loan Living in parental home 2,967 4,565 Living away from home in the rest of the UK Living away from home in London 3,731 5,740 5,205 8,009 Loans are paid directly to the student s bank account, in three termly instalments

7 Maintenance Grants Maintenance grants (for living costs) are available to some full-time students from England. These grants are income-assessed, and do not have to be repaid. Household Income Up to 25,000 3,387 Maintenance Grant (2015/16) From 25,001-42,620 Partial grant 42,620+ No grant payable

8 Summary of government support Students living away from home in 2015/16 Household Income Tuition Fee Loan Maintenance Loan Maintenance Grant Total towards living costs 25,000 or less 9,000 4,047 3,387 7,434 30,000 9,000 4,520 2,441 6,961 35,000 9,000 4,993 1,494 6,487 40,000 9,000 5, ,014 45,000 9,000 5, ,519 50,000 9,000 4, ,998 55,000 9,000 4, ,476 60,000 9,000 3, ,955 Over 62,143 9,000 3, ,731

9 University Bursaries & Scholarships Each institution will have its own bursary and / or scholarship scheme. Usually bursaries depend on household income and scholarships depend on achievement. May be discounts on tuition fees, money towards living costs or other benefits. Check university websites for what s on offer, eligibility criteria and application processes.

10 What counts as household income? Students under 25 years old are classed as dependent o The total taxable income of both parents will be used for the assessment (2013/14 tax year) o If parents have separated, the income of the parent that the student normally lives with will be used o If that parent lives with a partner then their income will also be included.

11 What counts as household income? Students over 25 years old are classed as independent o The total taxable income of any spouse or co-habiting partner will be used for the assessment (2013/14 tax year) Students under 25 may be treated as independent if they: o Are or have been married or in a civil partnership o Have a dependant child or children o Have spent time in local authority care o Are estranged from their parents or o Have supported themselves financially for at least three years

12 Extra help students with disabilities Disabled Students Allowance (2015/16 rates) o Up to 20,725 for a non-medical helper o Up to 5,212 for equipment o Up to 1,741 for general costs o DSA is non income-assessed and based on the specific needs of the student.

13 Studying outside England Wales o Tuition fees up to 9,000 depending on institution (loan available) o Maintenance loan and grant available from SFE (if eligible) o Institutional support / bursaries unlikely Scotland o Tuition fees up to 9,000 depending on institution (loan available) o Maintenance loan and grant available from SFE (if eligible) o Institutional support / bursaries unlikely Northern Ireland o Tuition fees up to 9,000 depending on institution (loan available) o Maintenance loan and grant available from SFE (if eligible) o Institutional support / bursaries unlikely

14 Studying outside England Other EU countries o Tuition fees that match students from that country i.e. if no fee charged to them, no fee charged to UK student o No living costs support from either country Rest of the world (US, Australia) o No support for either fees or living costs

15 NHS funded courses Courses leading to registration as an NHS healthcare professional (not medicine / dentistry): BSc Radiography BSc Dental Hygiene & Therapy DipHE Operating Department Practice (Based on 2014/15 rates) Some or all tuition fees will be paid by the NHS Students can apply for: o A non income-assessed maintenance loan of up to 2,324 o A non income-assessed NHS grant of 1,000 o An income-assessed NHS Bursary of up to 4,497 depending on household income and number of weeks studied.

16 Weekly living costs Halls of residence Private accommodation Food and housekeeping Utility bills Other variable costs include: Travel 5-10 Phone 5-10 Contents insurance 2-3 Books and study equipment 400 (average per year) TV Licence (per year) Social and leisure costs You will also need to pay towards your accommodation before Total (39 you week get academic your student year) funding Roughly paid. 6,500 This - could 9,500 be 250 advance rent for a room in halls, or a deposit and first month s rent plus possible fees for a room in a shared house, so try and save over the summer

17 When and how to apply One online application to Student Finance England covers loans, grants and usually bursaries Apply from early 2016 Deadline will be 31 st May 2016

18 Loan repayments Loan repayments start the April after the student has left the course, only if they are earning over 21,000 (gross). Graduates repay 9% of their income over 21,000. The repayment threshold is set to increase from 2017 in line with average wages. Any outstanding balance is written off 30 years after entering repayment. Repayments still have to be made if the graduate lives abroad, but there may be different thresholds.

19 Gross annual salary Monthly pay after tax and NI Monthly student loan repayment 20,000 1, ,000 1, ,000 1, ,000 2, Repayments are only based on graduate s income (and are taken directly from salary through PAYE) Interest accrued will vary based on income level maximum = RPI + 3%

20 Further information