student finance 2020 · repaying your loan repayment starts in the april after graduation tuition...
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Student Finance
2020
Name
Education Liaison
Lincoln - In the
Heart of the UK
Top 20 UniversityThe Guardian University
Guide 2020
96% of our graduates
were in work or further
study within six
months of finishing
their courseDestination of Leavers in
Higher Education survey
2016/17
What we will cover
UCAS Timeline (Where does Student Finance fit)
What do students have to pay for?
Available funding
Extra cash
How to apply
Repaying the loan
Quick facts.
UCAS timeline 2020 entrySeptember (Year 13)
UCAS opens for formal applications
15 October (Year 13)Deadline for
Oxbridge, Medicine, Dentistry, Vet Science
15 January (Year 13)Main UCAS
application deadline
Jan/Feb (Year 13)Student Finance
England opens for applications
25 February (Year 13)UCAS Extra opens for
applications
5 May (Year 13)Deadline for students
to make Firm & Insurance choices
Early June (Year 13)Deadline for Student Finance England to guarantee funding
6 JulyClearing opens
13 August A level results day
ClearingAdjustment
Your Loans
• People to teach me
• Facilities to be taught in
• Learning resources
Tuition Fee
Loan
• Accommodation
• Food and bills
• Social life
• Extra curricular activities
Living Costs
(Maintenance) Loan St
ud
ent
Loan
Tuition Fee Loan
Up to £9,250 per year of study
Tuition fee loans available for all UK students
Not means tested
Full or partial loans available
Paid directly to the institution
Applied for each year of study
Maintenance Loan
All UK students entitled to a loan
The amount a student receives depends on:
Where they study
Where they live while studying
Their household income
Guaranteed minimum amount for everyone
Paid into your bank account
Applied for each year of study
Long course loans available
Maintenance Contribution
Studying Locally and
Living at Home
Studying away from home
Outside of London
Studying away from home
in London
Maximum Funding Amount
£7747
£9203
£12010
Maintenance Loan Summary
100% Guaranteed amount
Studying locally, living at
home
£7,747 £3,408
Studying away from
home, outside London
£9,203 £4,325
Studying away from
home, in London
£12,010 £5,969
You spend a year of a UK
course studying abroad
£10,539 £5,058
Household Income/Maintenance Loan
Extra Cash
Part-time Job
Student Ambassador
Placement /Internship
Student Bank Account
Holiday Job
Parents?
Tesco Clubcard,
Nectar and NUS Card
How to Apply
Apply through the https://www.gov.uk/student-finance-register-login.
The Student Finance England website will guide you through the process.
Make sure you send the correct evidence to Student Finance Evidence
Remember to apply as early as possible, look out for the announcement towards the end of January and during February
Get in early
Use the Student Finance calculator to get a rough estimate of your entitlement Get an estimate
Make sure all supporters of the application are aware of the process and evidence needed
Supporters
Plan a budget and save up some cash for the first weekPrepare
Applying - Top Tips
Repaying your Loan
Repayment starts in the April after graduation
Tuition Fee Loan and Maintenance Loan added together
Repay through the UK tax system
Repay once earning above £25,725 per year
Repay at a rate of 9% of your earnings over £25,725.
If your salary drops below £25,725 repayments will
automatically stop
Repaying Your Loan
Your Income Repayment Calculation Your Repayment
£9.63Per Month
£27,000
£2,250Per Month
or
9%
£2143 £107
£107above threshold
X
Remember you repay 9% of what you earn above the threshold,
which is £25,725 a year, £2,143 a month or £494 a week
Repayment Summary
Annual
Salary
Yearly
amount
above
£25,725
threshold
Monthly
amount
above
£2,143
threshold
Monthly
repayment
amount
Payment over
30 years,
assuming no
increase in
salary
£25,725 Nil Nil Nil Nil
£27,000 £1,275 £107 £9.63 £3,466.80
£30,000 £4,275 £357 £32.13 £11,566.80
£40,000 £14,275 £1,190 £107.10 £38,556.00
Student Loans are written off after 30
years. Many students will never repay all
the loan.Rem
emb
er
Additional Funding
Scholarships and Bursaries
Available from a range of sources
Institution specific e.g. University of Lincoln Excellence
Scholarship worth £1,000
University run hardship funds
Dependent on your circumstances
Check application process
Non-repayable
Quick Facts
Bigger borrowing does not means bigger repayments
If your salary drops below £25,725 repayments will automatically
stop
Student loans will be written off after 30 years
Interest is charged on student loans. For most this will be at
either RPI or up to RPI +3%
Student Loans affect mortgage applications
Working abroad
Thanks for Listening
Any questions?
Open Days:
• Saturday 28th September• Sunday 13th October• Saturday 26th October• Saturday 16th November• Saturday 30th November• Wednesday 11th December
[email protected] 886644
/UniversityofLincoln@UniLincoln