Student Financial Support

1
Student Financial Support

• 2009/2010
• Jean Frost

2
Overview

• What is available
• Eligibility
• How to apply
• The calculation
• Loan Repayment

3
Tuition Fee Loan

• Not means-tested
• Available to all eligible students
• Maximum 3,225
• Not compulsory
• Paid by Student Loans Company
• direct to University or College

4
Maintenance Loan

• To help with student living costs
• 2 elements
• means-tested
• non means-tested

5
Maintenance Loan

• Non Means-Tested Element (approx 75 of full
  amount)
• Not dependent on income
• Means-Tested Element (approx 25 of full amount)
• Based on Residual Household Income
• Entitlement to each depends on location and year
  of study

6
Maintenance Loan
7
Loan Income Thresholds
8
Maintenance Grant

• To assist students from lower and middle income
  backgrounds
• Non-repayable
• Means-tested
• Maximum 2,906
• Reduces Maintenance Loan amount up to 1,260

9
Grant Income Thresholds
10
Disabled Students Allowances (DSA)

• To help pay for extra costs that a student may
  incur as a direct result of their disability
• DSA can help with
• - the cost of a non-medical personal
  
• helper
• - items of specialist equipment
• - Consumables
• - reasonable travel costs

11
DSA Allowances

• Specialist equipment allowance up to 5,030 for
  entire course
• Non-medical helpers allowance up to 20,000
  per year
• General allowance up to 1,680 per year
• Reasonable spending on travel costs over and
  above those which any other student may incur

12
Basic Entitlement (not means-tested)

• Tuition fee loan
• 75 of maintenance loan (at appropriate rate)
• Disabled Student Allowance

13
University and College Bursaries

• IF Student receives the full Maintenance or
  Special Support Grant of 2,906
• AND The University is charging fees of 3,225
• THEN The University must provide a non-repayable
  bursary of at least 319 a year
• BUT Many offer more than this minimum mandatory
  bursary. It is worth checking whats available at
  www.studentfinanceengland.co.uk/bursarymap

14
Method of Calculation

• Total gross taxable parental / spouse / partner
  income
• for financial year ended 5 April 2008 (plus any
  unearned
• student income)
• Minus Pension payments and any tax deductible
  professional or employment-related expenditure to
  
• 5 April 2008
• Equals Gross household income
• Minus - 1,130 for each other student or child in
  the household
• Equals Residual Household Income used to
  calculate level of support

15
Examples of support available for a dependent
student (One student in family, elsewhere rate
and 30 week academic year)
16
Current Income Assessment

• Drop must be 15 or more in the financial year
  ending 5 April 2010
• On application form provide figures for the
  financial year to 5 April 2008
• Include a note with your evidence to advise SLC
  of the change
• Receive a Current Income Form give an estimate
  of your income for the 2009/10 financial year for
  a provisional assessment

17
Eligibility

• Personal eligibility is determined once, at the
  beginning of the course
• A person who is a UK citizen is considered
  personally eligible
• An eligible student must attend an eligible
  (designated) course
• Must have lived in the UK for 3 years whole
  before the start of the course
• A person must be settled in the UK

18
Application Process

• Step 1 Register www.studentfinanceengland.co.uk
• (creates password, secret answer and 11 digit
  reference number)
• Step 2 Login (apply for support from the my
  account page)
• Step 3 Create submit application (select
  Apply for Student Support)
• Step 4 - Send in your evidence (give passport
  number or send birth certificate and form)
• Step 5 Maintain your account (change details
  such as address, bank details etc)

19
Be prepared

• National Insurance Number
• Passport information
• exact name
• number
• issue date
• expiry date
• University details (first choice of course)
• UCAS college code
• UCAS course code
• tuition fee amount
• Means tested (parents contact details)
• or non means tested?
• Bank account details
• Loan request form must give name and address of
  2 contacts - their addresses must be different

20
Application process (online)

• You can exit the application at any time until
  you have submitted the application, but complete
  the page
• After processing must sign and return the
  online declaration
• Parents can give financial details online or ask
  for a paper form

21
Paper applications

• Register (to get your password, reference number
  etc)
• Are available from (download/ ask for form by
  post) www.studentfinanceengland.co.uk
• Do not return to your LEA
• Send completed to form in the envelope inside the
  pack
• No need to send your passport
• Send financial and DSA evidence with the form
• Send by recorded delivery

22
You must apply!

• Because
• May be charged full tuition fees
• Financial assessment may give access to
  university bursaries

23
Recommended dates

• Non-means-tested applications
• 24 April 2009
• Means-tested applications
• 26 June 2009

24
Student Loan Facts

• Interest in line with Retail Price Index
• (for 2009/10 - 1.5)
• Charged from point of borrowing
• 25 year write off

25
Loan Repayment

• Starts April after graduation
• Earnings above 1,250 before tax per month (or
  15,000 per annum)
• Monthly payment is 9 of the difference between
  earnings and 15,000 threshold
• Repaid through tax system
• Can make lump-sum repayments

26
Loan Repayment
27
For further details about any aspect of Student
Finance please go to

• www.direct.gov.uk/studentfinance

28
Questions?
Questions?