Your 13/14 student finance journey starts here. Adam Croucher Assistant Head of Registry (Student Finance)

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1 Your 13/14 student finance journey starts here Adam Croucher Assistant Head of Registry (Student Finance)

2 Student Finance Package Repayment Applications & Information Questions & Comments

3 Tuition Fee Support Maintenance Support - England Maintenance Support Wales / NI / SAAS Scholarships & Bursaries Additional Support

4 Tuition fees for the 14/15 academic year are 9,000. Eligible students won t have to pay any tuition fees up front. A Tuition Fee Loan (not dependent on household income) is available to cover the fee levels set by the university or college. Welsh students will receive a 5,315 grant towards their tuition fee. The Student Loans Company pay any Tuition Fee Loan to the university/college directly in instalments across the academic year. The loan is repayable, but linked to future earnings over 21,000 a year.

5 Your 13/14 student finance journey starts here

6 The majority of the repayable Maintenance Loan will be available to all eligible students. 65% of the total loan is non-means tested. (Doesn t depend on household income) The amount of Maintenance Loan available will be linked to where the student lives and studies while in higher education.

7 Full-year student (*) 65% non means tested 35% means tested Maximum loan Parental home 2,871 1,547 4,418 Elsewhere 3,610 1,945 5,555 London 5,038 2,713 7,751 Overseas 4,290 2,310 6,600! *Slightly lower rates of support apply to final year students

8 The maximum non-repayable maintenance grant level in 2014 is 3,387. Unlike the tuition fee loan and up to 65% of the maintenance loan, the grant a student receives is solely dependent on household income levels. (100% means tested) Household income thresholds: Students from households with an income of up to 25,000 will be entitled to the maximum grant of 3,387. Students from households with incomes of up to 42,620 will be entitled to a partial grant.

9 Student living away from home, outside London 2013/14 Household income Maintenance Grant Maintenance Loan Total 25,000 & under 3,387 3,862 7,249 30,000 2,441 4,335 6,776 35,000 1,494 4,808 6,302 40, ,282 5,829 42, ,530 5,580 42, ,555 5,555 50, ,836 4,836 60, ,826 3,826 62,132 & over 0 3,610 3,610

10 Your 13/14 student finance journey starts here

11 The maximum non-repayable maintenance grant level in 2014 is 5,161. Partial grant available for students with a household income of up to 50,020. The grant a student receives is solely dependent on household income levels. (100% means tested) Maintenance loan of up to 5,202 (outside of London) available. Maintenance loan is 75% non means tested / 25% means tested 18,370 is the threshold for the maximum maintenance grant.

12 The maximum non-repayable maintenance grant level in 2014 is 3,475. Partial grant available for students with a household income of up to 41,540. The grant a student receives is solely dependent on household income levels. (100% means tested) Maintenance loan of up to 4,840 (outside of London) available. Maintenance loan is 75% non means tested / 25% means tested 19,203 is the threshold for the maximum maintenance grant.

14 Your 13/14 student finance journey starts here

15 RNCM Support: National Scholarship Programme (14/15 28 x 2,000 awards) English students only Access Bursaries (Household income and being UK/EU student the only criteria) Up to 1,200 per year of course (13/14 amount) Access to Learning Fund (Application to the Assistant Head of Registry and UK students only) Scholarships: Awarded at audition All students considered Continue throughout your course (subject to satisfactory progress) Limited in numbers! Check RNCM website and ask at audition for information on bursaries & scholarships what s available and how to apply.

16 Your 13/14 student finance journey starts here

17 You may get extra money or support if you: have children or adults dependent on you have a disability, mental-health condition, long-term health condition or specific learning difficulty

18 Your 13/14 student finance journey starts here

19 12_13 Repayments don t start until the student is earning at least 21,000 a year ( 1,750 a month) gross. Full-time students will begin to repay in the April after graduating from or leaving their HE course. (From 2016) If income falls to 21,000 or below repayments will be suspended. Repayments will be 9% of income over 21,000 and will be deducted from salary through the HMRC tax system for most students.

20 Yearly income before tax Income from which 9% will be deducted Approximate monthly repayment 21, ,000 4, ,000 9, ,000 14, ,000 19, ,000 24, ,000 29, ,000 39, ! Any outstanding loan balance will be written off 30 years after entering repayment.

21 The interest charged will vary during study and depending on earnings after graduation: During study until entering repayment Earnings: Below 21,000 Earnings between: 21,000-41,000 Earnings: Above 41,000 Interest rate: Retail Price Index (RPI) +3% Interest rate: Set at RPI Only RPI plus some amount between 0% and 3% Interest rate: Retail Price Index (RPI) +3%! Students can make extra voluntary repayments at any time without penalty.

22 Your 13/14 student finance journey starts here

23 12_13 Students should apply as soon as possible to make sure they have their money at the start of their course. Applying online through GOV.UK / SAAS is the quickest and easiest way. No need to wait for a confirmed offer from a university, but SLC need to know right away if anything changes. (uni, course or personal details) Make sure any required evidence is sent straight away to support applications. In most cases this will be details supplied during the application, with no need for original documents to be sent, including: Valid UK passport number (for student identity) National Insurance numbers (student & parents for income details)

25 The process of applying for student finance can be made even easier by allowing CUKAS to share some of your application details with the Student Loans Company. Request a reminder and CUKAS will prompt you to log in to your account and agree to share details with SLC when the student finance online application launches. Your student finance application will be pre-populated with information from your CUKAS application, such as personal and course details. This makes applying for a student loan faster and saves entering the same info on both forms.

27 12_13 3 Plan a budget and stick to it! (dull, but practical) Ask questions and get advice from teachers, advisers current/former students, parents/older brothers & sisters. Check out student bank accounts but try to avoid taking credit or store cards. Beware of phishing scams!! If you need financial support and advice once you re at university, staff there will be able to help.

28 Your 13/14 student finance journey starts here

STUDENT FINANCE 2017/18

STUDENT FINANCE 2017/18 A PARENT S INTRODUCTION SESSION CONTENTS The student finance package Student Loan repayment Applications and information Money management 1 THE STUDENT FINANCE PACKAGE 2017/18 THE