A QUICK GUIDE TO STUDENT FINANCE

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Marilynn Elliott
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1 A QUICK GUIDE TO STUDENT FINANCE Alex Kennedy Student Recruitment Officer

2 According to Welsh Government..the most generous student finance support package for full time, part time and postgraduate students available anywhere in the UK. the average Welsh student would receive a grant estimated at more than 7,000 per year while they study.

3 How much will it cost? Two main costs associated with university: Cost of Tuition Tuition Fee Loan up to 9,259 Not means- tested Covers full amount of fee and paid direct to your university Cost of Living Universal Maintenance Grant ( 1,000) and Means- tested Grant and/or Non- means tested Maintenance Loan Provided for living costs

4 Means Testing Assessment depends on Household income: Independent Dependent on Spouse/Partner Dependent on Parent(s) Where you Live Previous Study

5 Household Income 0-18,370 18,371-59,200 59,201+

6 So, what could this mean? All students will receive Universal Maintenance Grant ( 1,000) Support for living costs will be equivalent to the National Living Wage Most students will receive a mix of grant and loan Payments could be made monthly instead of termly

7 Maintenance Support How much is available? Loan Rates Maximum Available UK (outside London) 9,000 London 11,250 Home 7,650

NHS Courses 2017/18 STUDENTS STUDYING IN WALES Bursary funding available for 2017-18 IF students commit to work in Wales for two years after graduation OTHERWISE, students are eligible for standard

8 NHS Courses 2017/18 STUDENTS STUDYING IN WALES Bursary funding available for IF students commit to work in Wales for two years after graduation OTHERWISE, students are eligible for standard student support package STUDENTS STUDYING IN ENGLAND No bursary funding available in Students are eligible for standard student support package PLUS Learning Support Fund More information:

9 How do I know if I m studying an NHS course? Nurse or midwife Dental hygienist or dental therapist Chiropodist (including podiatrist), dietitian, occupational therapist, physiotherapist, radiographer, healthcare scientist, paramedic, speech and language therapist Doctor or dentist (eligible for bursary from fourth year onwards)

10 Additional Support Disabled Students Allowance o Specialist equipment o Travel costs o Non- medical helper Childcare Grant Parents Learning Allowance Adult Dependants Grant

11 Student Loan Repayment Repayments are 9% of earnings above threshold Calculated monthly (based on income, not how much has been borrowed) Payments dealt with automatically by the HMRC Annual Income Up to 21,000 25,000 30,000 35,000 40,000 Monthly repayments Nil The student is liable for repaying the loans (ie, not mum and dad!)

12 Monthly Repayments Salary Monthly Repayments 21,000 Nothing 22, , , , Any outstanding balance is cleared after 30 years (Source:

13 Interest Rates During study until entering repayment Retail Price Index (RPI) +3% Earnings: Below 21,000 RPI Only Earnings Between: 21,000-41,000 RPI plus some amount between 0% and 3% Earnings: Above 41,000 Retail Price Index (RPI) +3%

14 Additional Sources of Income University Bursaries University Scholarships Part- time and holiday work

15 Partial Cancellation of Loans Eligibility will be automatic once you start repaying your student loan, either voluntarily or when you are required to do so Partial cancellation of up to 1,500 If you have a Maintenance Loan of 300 and the amount of your first repayment is 10, you will receive a partial cancellation of 290 If you have a Maintenance Loan of 3,000 and the amount of your first repayment is 50, you will receive a partial cancellation of 1,500

16 How to apply March 2018 (Deadline: mid- May) Students can apply before their place is confirmed Students can update their details before starting the course

17 How to apply Before starting an application, you should have the following to hand: Passport - SFW can check identity using valid UK passport details University and course details Bank account details and National Insurance number Parents address

18 Come and see us! 2015 Open Days: Saturday 24 October Saturday 21 November 18 Prifysgol De Cymru University of South Wales

19 Any Questions?

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