Understanding Student Finance in Wales 2020/21
Get an overview of financial support available for students in Wales, including tuition fees, living costs, eligibility criteria, and available loans and grants. Learn how Student Finance Wales can assist you throughout your higher education journey.
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STUDENT FINANCE UPDATE 2020/21
SESSION CONTENTS Introduction to Student Finance Wales Section 1 What support can you get? Section 2 How do you get it? Section 3 When & how do you repay it? Section 4 - Managing your money
STUDENT FINANCE WALES AN INTRODUCTION Student Finance Wales provide financial support on behalf of the Welsh government to students from Wales entering higher education in the UK: The two main expenses students have while studying are? Tuition Fees T------ F---? Living Costs L----- C----? Depending on your circumstances, course and where you study, you may be able to apply for a range of financial support from SFW
STUDENT FINANCE WALES AN INTRODUCTION Student Finance Wales provide financial support on behalf of the Welsh government to students from Wales entering higher education in the UK: The two main costs you will have while studying are tuition fees and living costs SFW make finance available to help students with both* You may be able to get a range of financial help and support, depending on; Your course and where you live and study Your household income Your personal circumstances ! *Full-time students. Part-time students can also get Tuition Fee Loan, Maintenance Loan, Welsh Government Learning Grant, Dependants Grants and DSA support from SFW
STUDENT FINANCE WALES GENERAL ELIGIBILITY Students need to meet certain residency criteria in order to be eligible for financial support from SFW: Have settled status Can live in the UK without any Home Office restriction Be ordinarily resident in Wales on the first day of the first academic year of their course Been living in the UK/Islands for the three years immediately prior to this date Support available to you might vary if you are an EU or international student or hold a status such as refugee or EEA migrant worker You can call SFW on 0300 200 4050 if you are unsure
STUDENT FINANCE WALES GENERAL ELIGIBILITY Generally, a Tuition Fee Loan is available for your first full undergraduate course, plus one additional year should you need it: Extra Year + 20/21 21/22 22/23 = 4 years support Example based on standard 3 year F/T Course This extra year could be used if you take a qualification like a foundation degree and then want to top-up to a full honours or even if you have to re-take a year You might not get full support if you have to repeat more than one year or have any previous HE study, but personal circumstances can be taken into account
HOW MUCH DO YOU KNOW?
HOW MUCH DO YOU KNOW? What is the current maximum tuition fee universities or colleges can charge new students in 2020/21? Q t A 9,250 How much of this is paid upfront before you go to uni or college? Q t A 0
THE STUDENT FINANCE PACKAGE 2020/21
THE STUDENT FINANCE PACKAGE SUPPORT AVAILABLE TO STUDENTS INCLUDES: Tuition fee support Maintenance (living cost) support Scholarships & bursaries Additional support
THE STUDENT FINANCE PACKAGE 2020/21 TUITION FEES
TUITION FEES OVERVIEW The maximum tuition fee you can be charged in 2020/21 will be 9,000 in Wales, and 9,250 in the rest of the UK. The maximum fee for accelerated degree course in England is 11,100, a fee loan will only be made available up to 9,250 any shortfall will have to be met by the student These levels are the same as for the 2019/20 academic year The tuition fee will be decided by the university or college including if they charge different amounts for different courses. They could charge different amounts for different courses.
TUITION FEES TUITION FEE SUPPORT A Tuition Fee Loan will be available to cover the full cost of your tuition fees. How much Tuition Fee Loan you can get doesn t depend on your household income. We pay it directly to your university or college once you ve registered so you don t need to worry about it. Tuition Fee Loans have to be paid back, but only when you ve left university or college and your income is over 25,725 a year.
THE STUDENT FINANCE PACKAGE 2020/21 MAINTENANCE SUPPORT
SUPPORT FOR LIVING COSTS A new system of living cost support was introduced in 2018/19 All eligible students now receive the same amount of money to help towards living cost while studying (support is intended to be equivalent to the National Living Wage). Two types of support are available Maintenance Loan and Welsh Government Learning Grant. The amount of loan available depends on where the student lives and studies. Support for living costs is paid directly into the students bank account each term. Welsh Government Learning Grants don t have to be repaid, while Maintenance Loans are repayable, but only from the April after students leave university or college and only if their gross income is above the repayment threshold (Currently 25,725)
MAINTENANCE SUPPORT WELSH GOVERNMENT LEARNING GRANT A minimum grant of 1,000 for all eligible students. Any additional grant will be based on their household income. Students from households with an income of up to 18,370 will be entitled to the maximum of 12,260*. Students from households with an income of up to 59,200 will be entitled to a partial grant. *Based on them living away from home and studying in London.
MAINTENANCE SUPPORT Living away from home, outside of London Grant Loan Living away from home, studying in London Grant Loan Living with parents Income Grant Loan Total Total Total 18,370 or less 6,885 1,450 8,100 1,710 10,124 2,136 20,000 7,817 1,993 6,651 1,684 9,760 2,500 25,000 5,930 2,405 6,947 2,863 8,643 3,617 30,000 5,209 3,126 6,078 3,732 7,526 4,734 35,000 4,488 3,847 5,208 4,602 6,408 5,852 8,335 9,810 12,260 40,000 3,767 4,568 4,339 5,471 5,291 6,969 45,000 3,047 5,288 3,469 6,341 4,174 8,086 50,000 2,326 6,009 2,600 7,210 3,056 9,204 55,000 1,605 6,730 1,730 8,080 1,939 10,321 59,200 or more 1,000 7,335 1,000 8,810 1,000 11,260
STUDENT FINANCE APPLICATIONS EVIDENCE FOR ESTRANGED & CARE EXPERINECED STUDENTS Estranged Student - defined by SLC as a student who has limited/sporadic or no contact with either of their biological/legally adopted parents. Evidence for Estranged Students Must be received from a 3rd party and should explain that they are aware of the difficulties in the student s family and their subsequent estrangement A statement of incident from the police A signed and dated Estrangement Declaration form A letter from an advice worker, personal tutor, teacher, social worker, doctor or counsellor Evidence for Care Leavers A letter from a social worker/support worker confirming the student was in legal care of the LA for a 3 month period prior to their 16th birthday
ADDITIONAL SUPPORT OVERVIEW There may also be extra help available for students who; Have a disability, long-term health condition, mental-health condition or specific learning difficulty Have children or adult dependants For details of all these forms of support see: www.studentfinancewales.co.uk Many universities and colleges also offer students bursaries and scholarships: These depend on things like your academic results, the course you choose, household income, or even if you are good at sport, art or music etc..
ADDITIONAL SUPPORT DISABLED STUDENTS ALLOWANCES (DSAs) Help towards the additional costs that a student may face as a result of their disability, including a long-term health condition, mental-health condition or specific learning difficulty. DSAs support: Is available in addition to the standard student finance package, Doesn t have to be repaid, Is not affected by household income, and Looks at the specific needs of the individual in relation to their disability and how it affects their studies. A package of support compiled with recommendations for SLC and University
ADDITIONAL SUPPORT DISABLED STUDENTS ALLOWANCES (DSAs) DSA RATES 20/21 Part-Time Max Support 17,443 5,849 1,465 Full-Time Max Support 23,258 5,849 1,954 Frequency of Payment Annual Duration of Course Annual Allowance Non-Medical Helper Specialist Equipment General Allowance Travel Allowance Reasonable spending can be claimed The maximum grant for disabled postgraduate students is 20,580
THE STUDENT FINANCE PACKAGE STUDENTS WITH DEPENDANTS Childcare Grant Based on 85% of actual registered/approved childcare costs up to a maximum of: 174.22 per week for one child 298.69 per week for two or more children Parents Learning Allowance Help with course-related costs for students with dependent children. You can get between 50 and 1,766. Adult Dependants Grant For students with a partner or another adult who is financially dependent on them (but not an adult child). Where the other adults other income is not more than 3,923 You can get up to 3,094. ! Dependants Grants depend on your household income. Universities may offer additional support to students with childcare/caring responsibilities.
ADDITIONAL SUPPORT PART TIME HE AND POSTGRADUATE STUDY What support could you get if you chose to study a part-time undergraduate or move on to take a postgraduate course? Eligible part-time undergraduate students may be able to get: Tuition Fee Loan of up to 2,625 a year (at Welsh institutions) or 6,935 a year (at other UK institutions) based on course intensity Maintenance Loan and Welsh Government Learning Grant based on a proportion of the full-time support package, taking account of course intensity and household income Part-time Disabled Students Allowances (DSAs) and Dependants Grants, if applicable Eligible Welsh domiciled and EU postgraduate students may be able to get: A contribution Postgraduate Loan (PGL) for taught and research Master s; or A Postgraduate Doctoral Loan (PGDL) for doctoral programmes of 3-8 years Disabled Students Allowances (DSAs), if applicable
FUNDING FOR HEALTHCARE COURSES
NHS COURSES FUNDING Eligible courses Students must be accepted for an NHS-funded place on a full or part-time course in Wales which leads to professional registration as a: doctor or dentist (they will be eligible for an NHS bursary after the fourth year of their course) chiropodist (including podiatrist), dietitian, occupational therapist, physiotherapist, radiographer, healthcare scientist, paramedic, speech and language therapist dental hygienist or dental therapist nurse or midwife
OTHER COURSES NHS COURSES NHS support Students studying on eligible courses who agree to work in Wales for two years after they graduate* may be able to get NHS bursary funding. An NHS bursary is a yearly payment to help with living costs. It s paid each month and doesn t have to be paid back. Eligible students can also apply for a fixed grant of 1,000 per year, which also doesn t have to be repaid; and have their tuition fees paid by NHS Wales. More details are available at www.nwsspstudentfinance.wales.nhs.uk/home SFW support Full-time bursary-funded NHS students can also apply to Student Finance Wales for a reduced rate Maintenance Loan which does not depend on income. * Students who do not wish to agree to work in Wales for two years after they graduate can instead apply for the standard package of support from Student Finance Wales (Tuition Fee Loan, Maintenance Loan, Welsh Government Learning Grant, and supplementary support) !
OTHER COURSES NHS COURSES AT UNIVERSITIES IN ENGLAND, SCOTLAND AND NORTHERN IRELAND If you re studying nursing, midwifery or any other allied health profession course at a university or college in England, Scotland or Northern Ireland from 2017/18, you won t be able to apply for funding from the NHS. You ll be able to apply to Student Finance Wales for help with your living costs and tuition fees in the same way as students on other courses. Exceptions: If you re studying medicine, dentistry (from the 4th year of an undergraduate course and graduate entry), some dental therapy / dental hygiene courses, or to be a paramedic (at some institutions), you may still be able to get an NHS bursary if you re studying in England, Scotland or Northern Ireland.
NHS COURSES STUDENTS TAKING NHS COURSES IN WALES http://www.nwssp.wales.nhs.uk/student-awards
APPLICATION INFORMATION
APPLICATION - HOW MUCH DO YOU KNOW? Q How should you apply for student finance? t A Through your local authority B Online Gov.uk Online studentfinancewales.co.uk Online www.studentfinancewales.co.uk C C
HOW DO I APPLY? When the time comes, apply online at www.studentfinancewales.co.uk You don t need a confirmed place at university or college to apply. You can change your details online before starting your course. If you share information from your application, this helps with scholarships and bursaries.
APPLICATION INFORMATION COMPLETING AN APPLICATION Before starting an application, you should have the following to hand: passport so SFW can check your identity using valid UK passport details university and course details bank account details and National Insurance number your parents or partner s email address Once you ve submitted your online application: Complete your online declaration form send any evidence you ve been asked for
APPLICATION INFORMATION WWW.STUDENTFINANCEWALES.CO.UK
SOCIAL MEDIA FOR THE LATEST SFW NEWS /SFWales /SF_Wales /SFWFILM
A PARENTS GUIDE TO STUDENT FINANCE Encourage your parents to watch our new film series, which tells them everything they need to know about supporting your application. They can watch it at www.studentfinancewales.co.uk
STUDENT LOAN REPAYMENT
REPAYMENT - HOW MUCH DO YOU KNOW? How much does your income need to be before you start paying back your student loan? Q t A Over 16,000 Over 25,725 Over 25,725 B B C Over 19,000
STUDENT LOAN REPAYMENT THE FIGURES Approximate monthly repayment Income each year before tax Monthly salary 25,725 2,143 0 27,000 2,250 9 30,000 2,500 32 32,500 2,708 50 35,000 2,916 69 40,000 3,333 107 ! Any outstanding loan balance will be cancelled 30 years after entering repayment.
STUDENT LOAN REPAYMENT OVERVIEW You won t make repayments until your income is over 25,725 a year, before tax. Full-time students will be due to start repaying in the April after graduating/leaving your course. You ll repay 9% of your income over 25,725 and if you re employed your employer will make deductions from your pay through the HMRC tax system. You may get a partial cancellation of your Maintenance Loan of up to 1,500 when you start repaying. If your income falls to 25,725 or below your repayments will stop. You must tell the Student Loans Company if your circumstances change, e.g. if you are travelling or moving overseas you need to complete their Overseas Income Assessment Form, as this may affect your repayments. Any outstanding loan balance will be cancelled 30 years after entering repayment.
STUDENT LOAN REPAYMENT THE INTEREST FULL-TIME Interest on your loan will depend on your income and circumstances. During study until entering repayment Interest rate: Retail Price Index plus 3% Interest rate: RPI Only Income: Under 25,725 Interest rate: Income: 25,726 to 46,305 RPI plus up to 3% Income: Interest rate: RPI plus 3% Over 46,305 RPI is a measure of inflation. It measures changes to the cost of living in the UK.
STUDENT LOAN REPAYMENT PARTIAL CANCELLATION OF LOANS Students who took out a Full Time Maintenance Loan from Student Finance Wales (SFW) from academic year 2013/14 onwards may be eligible to have up to 1,500 of their first Maintenance Loan written off by the Welsh Government after they make their first repayment. This is known as the Welsh Partial Cancellation Policy (PCP). The amount of partial cancellation received will depend on how much Maintenance Loan they have borrowed and their outstanding balance, for example: - if they have a Maintenance Loan of 1,200 and the amount of their first repayment is 5, they will receive a partial cancellation of 1,195. - if they have a Maintenance Loan of 3,000 and the amount of their first repayment is 50, they will receive a partial cancellation of 1,500.
STUDENT LOAN REPAYMENT: MYTHS & FACTS TRUE or FALSE Students do not need to repay their loan... False but students stop making repayments if their income falls below the threshold. True 30 years after entering repayment any remaining loan will be cancelled. After 30 years? Earn under 25,725? Work/live abroad? False. False but payments will stop being collected, if unemployed/claiming Jobseeker s Allowance. Made redundant? Become a teacher? False. False but students stop making repayments if income is below the threshold. Pregnancy? They die? Bankruptcy? False becoming bankrupt does not mean a student loan is cancelled. True the debt dies with the student and no one inherits it.
HOW MUCH? ACCOMMODATION What s the average weekly cost of student accommodation? Q A 431 per month* ? ? 226per month Lowest ? ? 729 per month Highest (London) * From Save the Student s National Student Accommodation Survey 2020 https://www.savethestudent.org/money/student-budgeting/what-do-students-spend-their-money-on.html
HOW MUCH? OTHER COSTS New 52.24 ? Q How much does this textbook cost? ? Used 14.98 (Amazon) ? 1 Year 13 ? Q How much is an NUS Extra card? 3 Year 39 ?
MANAGING YOUR MONEY CONSIDER THE COSTS Before starting in higher education, it s important to think about the costs you re likely to face and how to manage your money. Remember, you ll receive your maintenance support payments each term and you will need to budget for things such as: books and other study materials accommodation, food and drink sports, leisure and social activities There will also be other costs you may not have thought of yet such as insurance or a TV licence.
INCOMES vs EXPENDITURE CONSIDER ALL THE COSTS - AND SUPPORT Students doing NHS courses including nursing and midwifery should visit www.nwssp.wales.nhs.uk/student- awards to find more information
WHAT NEXT? Research - www.studentfinancewales.co.uk - guides and quick guides Apply - online - on time Payment - loans and grants paid into bank account shortly after starting course - fees paid directly to your university Repayment - start paying back your loans when you have left university and income is over 25,725
