Student Finance 2020 - Name Education Liaison

Student Finance
           2020

                  Name
       Education Liaison

Lincoln - In the
Heart of the UK
       Top 20 University
      The Guardian University
           Guide 2020

     96% of our graduates
     were in work or further
        study within six
      months of finishing
          their course
      Destination 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 entry
September (Year 13)     15 October (Year 13)     15 January (Year 13)
   UCAS opens for           Deadline for             Main UCAS
 formal applications    Oxbridge, Medicine,      application deadline
                        Dentistry, Vet Science

   5 May (Year 13)       25 February (Year 13)    Jan/Feb (Year 13)
Deadline for students    UCAS Extra opens for      Student Finance
   to make Firm &            applications         England opens for
 Insurance choices                                   applications

Early June (Year 13)           6 July                13 August
Deadline for Student       Clearing opens        A level results day
Finance England to
                                                      Clearing
 guarantee funding
                                                     Adjustment

Your Loans

                • People to teach me
 Tuition Fee

                                                  Student Loan
                • Facilities to be taught in
    Loan        • Learning resources

 Living Costs   •   Accommodation
                •   Food and bills
(Maintenance)   •   Social life
    Loan        •   Extra curricular activities

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
                           £7747

Studying away from home
Outside of London               £9203

Studying away from home
in London
                                        £12010

             Maximum Funding Amount

Maintenance Loan Summary

                               100%     Guaranteed
                                         amount
Studying locally, living at   £7,747      £3,408
                     home

    Studying away from        £9,203      £4,325
  home, outside London

     Studying away from       £12,010     £5,969
        home, in London

You spend a year of a UK      £10,539     £5,058
 course studying abroad

Household
Income/Maintenance Loan

Holiday Job
                             Part-time Job
                               Student
                             Ambassador

  Parents?                                      Placement

                 Extra                          /Internship

                 Cash
                                     Tesco
                                   Clubcard,
Student Bank                       Nectar and
  Account                          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.

Applying - Top Tips
   Evidence
                  Make sure you send the correct evidence to Student Finance

  Get in early    Remember to apply as early as possible, look out for the announcement towards
                  the end of January and during February

Get an estimate
                  Use the Student Finance calculator to get a rough estimate of your entitlement

  Supporters      Make sure all supporters of the application are aware of the process and
                  evidence needed

   Prepare
                  Plan a budget and save up some cash for the first week

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

 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

 Your Income         Repayment Calculation          Your Repayment

£27,000                      £2143           £107
     or

 £2,250                                             £9.63
  Per Month
                   £107
                 above threshold
                                   X   9%              Per Month

Repayment Summary
Annual     Yearly      Monthly     Monthly     Payment over
Salary     amount      amount      repayment   30 years,
           above       above       amount      assuming no
           £25,725     £2,143                  increase in
           threshold   threshold               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

                                                              Remember
                                                                         Student Loans are written off after 30
                                                                         years. Many students will never repay all
                                                                         the loan.

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

               www.lincoln.ac.uk
               enquiries@lincoln.ac.uk
               01522 886644
                 /UniversityofLincoln
                 @UniLincoln