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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 S

    tud

    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.

    https://www.gov.uk/student-finance-register-login

  • 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

    /[email protected]