STUDENT FINANCE 2016
General Residency Requirements Settled status can live in the UK without any Home Office restriction Ordinarily resident in England on the first day of the first academic year of their course Been living in the UK for the three years immediately prior to this date Exceptions exist for certain groups of students
What does being an independent student mean? Student Finance England will not take any parental income into account when assessing student entitlement for support If married or in a civil partnership, SFE will take into account the income of the student s husband, wife or civil partner
What is an Independent Student? A student is considered independent if: They have care of a person under the age of 18 on the first day of the academic year for which they are applying for support They are 25 or over on the first day of the academic year for which they are applying for support They have been married or formed a civil partnership before the start of the academic year even if that marriage or civil partnership has ended They have no living parents They have supported themselves for at least three years before the start of their course Their parents cannot be traced or it is not practical or possible to contact them
Full Time Tuition Fees Universities/Colleges can charge a fee level of up to 9,000 per year The levels set will be decided by the university including if it charges at different levels for different courses
Paying the Tuition Fee Eligible students will not have to pay up front for their tuition The non means tested tuition fee loan (not dependent on household income) is available to cover the fee levels The Student Loans Company will lend the requested amount and pay the university/college directly in instalments across the academic year Not compulsory. Students can also: Pay full fees themselves, or Pay part of the fees and take tuition fee loan for the rest
The Maintenance Grant Maximum non repayable maintenance grant level is about 3 500 Students from households with income of up to 25 000 are entitled to the maximum 3 500 Students from households with incomes of up to 43 000 are entitled to a partial grant
FREE MONEY s Bursaries: May link to National Scholarship Programme Linked to personal circumstance and often, income level Vary by institution Scholarships: Linked to academic results or ability in sport, music etc. Subject specific or generic Limited in numbers
ADDITIONAL SUPPORT
STUDENT LOAN REPAYMENT THE FIGURES
Graduates will not make repayment contributions until they are earning at least 21,000 ( 1,750 pm) gross (After entering repayment, this threshold will rise annually in line with earnings) Full time students will begin to repay in the April after graduating from/leaving their HE course (From 2016) Part time students can begin to repay in the April four years after they have started their course (If earning over 21,000) Repayments will be a basic 9% of income over 21,000 (through the HMRC tax system for most students) If income falls to 21,000 or below repayments will be suspended Any outstanding debt written off after 30 years
REPAYMENT INTEREST RATES
KEY MESSAGES FOR STUDENTS
Key Messages for Students Important they make the right university and course choice, based on the full range of factors linked to the course, not fear of debt Research all finance available especially bursaries & scholarships Apply on-line and on time no need to wait for a confirmed place (End of January 2016 to May 30 th 2016) Apply for other additional support as soon as possible Ensure all details are correct before submitting an application, and notify as soon as possible of any changes Check and update account online where possible www.unistats.co.uk
Students & Parents/Sponsors Customer Helpline 0845 300 5090 Customer Website www.gov.uk Students & Parents/Sponsors For a range of helpful tools and guidance, visit www.studentfinanceengland.co.u k Students & Parents/Sponsors www.thestudentroom.co.uk