For students from England who start in 2016 Student Funding.
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Transcript of For students from England who start in 2016 Student Funding.
For students from England who start in 2016Student Funding
Overview
• Tuition Fees• Living Cost Loan• Additional Support• Disabled Students Allowance• Social Work• NHS• Repayments
Tuition Fee Loans
• Available to all eligible undergraduate students
• Not income-assessed
• Paid direct to the university by the Student Loans Company
• Repayable
Living Cost Support
Maintenance Loan for living costs
• Living away from parental home up to £8,200
• Living at parental home up to £6,904
• How much loan depends on household income
Living Cost Loan & GrantHousehold Income Living Cost Loan
£25,000 £8,200
£30,000 £7,612
£35,000 £7,023
£40,000 £6,434
£45,000 £5,845
£50,000 £5,256
Over £62,180 £3,821
Figures for students living away from home and outside London
Living Cost Loan & GrantHousehold Income Living Cost Loan
£25,000 £6,904
£30,000 £6,322
£35,000 £5,740
£40,000 £5,158
£45,000 £4,576
£50,000 £3,994
Over £58,195 £3,039
Figures for students living at home and outside London
Living Costs
Maximum Loan is £8,200 per year£210 per week over 39 weeks academic year
To cover:– Accommodation– Course costs– Travel– Food– Socialising and university activities
Living Costs
Student Weekly Spending in Year 1
Food and Household £53
Accommodation £120
Travel £21
Course costs £10
Entertainment £35
Toiletries/Clothes etc £20
TOTAL £259
Annual Total over 39 weeks £10,101
Student BudgetIncome Weekly Annual
Maintenance Loan £210 £8,200
Part-time work £49 £1,911
TOTAL IN £259 £10,111
Spending Weekly Annual
Accommodation £120 £4,680
Food and household bills £53 £2,067
Travel £21 £819
Course costs £10 £390
Entertainment £35 £1,365
Toiletries/Clothes £20 £780
TOTAL OUT £259 £10,101
Other Support
• Extra help for students in special circumstances, e.g. students with a disability or with dependants
• NHS and Social Work courses funded differently• University Hardship Funds• University bursaries and scholarships• Charity and Trust funds• Welfare benefits
Students with Dependants
Childcare Grant:
Based on 85% of actual registered/approved childcare costs up to a maximum of: £155.24 per week for one child
£266.15 per week for two or more children
Parents’ Learning Allowance:
Help with course-related costs for students with dependent children
Amount received will be between £50 and £1,573
Adult Dependants’ Grant:
Normally for the student’s partner, or another adult who isfinancially dependent on the student and their net incomeis not more than £3,796 p.a. Maximum grant available: £2,757
Disabled Students’ Allowances
Disabled Students’ Allowances provide help towards the additional costs that a student may face as result of their disability, long-term health condition, mental-health condition or specific learning difficulty:
DSAs Support:
Is available in addition to the standard student finance package,
Does not have to be repaid,
Is not affected by household income,
Looks at the specific needs of the individual in relation to their circumstances and studies
Students should apply for their DSAs as soon as possible, the process can be triggered from the main online application form.
Disabled Students’ Allowances
AllowancePart-Time Maximum Support
Full-Time Maximum Support
Non-medical personal helper £15,543 £20,725
Per academic year
Specialist equipment £5,212 £5,212Duration of
Course
Other disability-related expenditure £1,305 £1,741
Per academic year
Disability related travelNo Limit – Reasonable spending can
be claimed
Social Work
Paid in addition to other SFE funding • Bursary currently £4,862.50 (2015/16)• Includes an amount for travel placement costs• Not income-assessed• Bursary is only available from the second year of
the course• There is a cap which limits the number of
bursaries • All students get £862 for placement
NHS Courses
A healthcare student on an eligible course of 45 weeks in duration and studying outside London can currently receive• fees paid by the NHS• a non-means tested grant of £1,000, • a means tested bursary of up to £4,491 • a non-means tested loan of up to £2,324 from
Student Finance England• In total £7,815 for living costs per year
Student Loan Repayment
Gross Salary Salary over £21k from which 9%
deducted
Monthly repayment
Up to £21,000 £0 £0
£25,000 £4,000 £30.00
£30,000 £9,000 £67.50
£35,000 £14,000 £105.00
£40,000 £19,000 £142.50
£45,000 £24,000 £180.00
£50,000 £29,000 £217.50
Student Loan RepaymentsInterest levels will depend on a students income and circumstances:
Interest Rate: RPI Only
During study until entering repayment
Income: Under £21,000
Interest Rate: Retail Price Index +3%
Income: £21,000 to £41,000
Income: Over £41,000
Interest Rate: RPI + up to 3%
Interest Rate: RPI +3%
i The interest rate is updated once a year using the RPI figure from March which is carried forward and applied in September
Useful Contacts & Websites
Student Money Advicewww.leedsbeckett.ac.uk/moneyadvice
Advice line: 0113 8125593 – Monday-Friday 10-12
Student Finance EnglandTel: 0300 100 0607www.gov.uk/studentfinance http://practitioners.studentfinanceengland.co.uk/
NHS and Social Work www.nhsbsa.nhs.uk/students
Money Saving Expert www.moneysavingexpert.com
Any Questions?
The accuracy of the guidance in this PowerPoint is based on the best information available at the time of writing. However, such information is subject to change, sometimes at short notice. Be aware that the PowerPoint may be misleading if used in isolation. Whilst care has been taken to ensure that all information is correct, the Leeds Beckett University Student Money & Advice service does not accept responsibility for errors, omissions or inaccuracies.