201213Student Financeexplained.ppt

* From September 2012, universities and colleges will be able to charge up to ￡9,000 a year for their full-time courses – but they will need to meet strict criteria to make sure that all eligible students, regardless of background, can access those courses. No student will have to pay for tuition fees up front. Every new student is entitled to a Tuition Fee Loan that will cover their fees and this won’t have to be paid back until they are earning over ￡21,000 a year. Students borrow the amount they are being charged by their university or college, up to the maximum of ￡9000, and should check what fee they will be charged as they may be eligible for a waiver or discount under the National Scholarships Programme. If a private institution sets its fees higher than this amount, students will need to fund the difference themselves and this amount may be requested before they start their course. The Tuition Fee Loan is not means-tested. This means that the amount students receive is not dependent on household income. It is not compulsory to take out the Tuition Fee Loan. If a student decides that they do not want this loan, they must have some other way of paying their fees. The loan is requested at the point of application and students are able to specify an amount lower than the maximum, although the majority of students take the maximum. Students need to complete the Loan Request Form on their application for student finance. They can always decide at a later date to take out the loan. * The Maintenance Loan is available to all eligible students to help with living costs such as accommodation, books, food, clothing and travel. The amount students are eligible for depends on their individual situation. The amount available is affected by where students live when they are studying, the year of their course and their household income. 65% of the Maintenance Loan is not dependent on household income and it is available to all eligible students A reduced Ma