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Student Services - Money Matters
Students Studying Full-Time on a University Course (HE) 2012/13
Financial Support Available
A range of financial support is available to help with the costs of doing a degree. To find out what you might be eligible to receive use the improved student finance calculator at www.direct.gov.uk/studentfinance. This will provide an indication of core support entitlement. This link has information for Higher Education students 2012 entry http://yourfuture.direct.gov.uk. You do not need to register to use the calculator.
If you are applying for financial support your application will be dealt with by Student Finance England who will deliver their services predominately via the web, telephone, mobile.
You can apply online for maintenance grant and student loans at www.direct.gov.uk/studentfinance.
Website: www.direct.gov.uk/studentfinance
Helpline 0845 300 5090. 8am to 8pm Monday to Friday, 9am – 5.30pm Saturday and Sunday.
Before applying for a full-time course you should check how much your tuition will cost with the university or college you are interested in.
Also take a look at the Somerset College Facts About Fees document to find out how much money you can receive apart from the Tuition Fee Loan?
Click here to view Facts About Fees
If you take a gap year and are starting your course in 2012/13 instead of 2011/12, your tuition charges will be at the 2012/13 higher rate.
If you are ready on a higher education course your tuition charges will not be as high.
Tuition loans
A loan to cover tuition charges is available. This is paid directly to your university or college each year of study, once you have registered on your course.
If you are an EU student from outside the UK studying in England you can apply for a tuition loan if you meet certain conditions.
Living cost loans
A living cost or maintenance loan is available to help with living costs each year of your course. This is paid into your bank account at the start of each term, once you have registered on your course.
The amount you get depends on where you live and study and your household income. The maximum living cost or maintenance loan for students starting in 2012/13 is:
£5,500 if you live away from home and study at a university or college outside London
£7,675 if you live away from home and study at a university or college in London
£4,375 if you live at home
Living costs grants
You can also apply for a living cost grant to help you with your living costs each year. You do not have to pay grants back
You will be entitled to a full grant of £3,250 in 2012/13 if your household income is £25,000 or under.
You will be entitled to a partial grant if your household income is between £25,000 and £42,600.
The living cost grant is paid into your bank account at the beginning of each term once you have registered on your course.
Extra financial help
If you are disabled or have dependants you may be able to receive extra financial help. See www.direct.gov.uk/studentfinance
When repayments start
Full-time students begin repaying student loans in the April after finishing their course, if they earn over £21,000. From 2017 you will be able to earn more than £21,000 before you begin repaying your loan.
What you will pay back
Once you earn over £21,000 you pay nine per cent of your income above £21,000. So if your salary is £25,000, you pay nine per cent of £4,000 which is £30 a month.
Repayments are normally taken automatically from your salary with tax and National Insurance. Separate arrangements are in place with HMRC if you are self-employed. How long it takes you to repay the loan depends on the size of your loan and how much you earn. If you have not paid the loan off after 30 years you will not need to make any further repayments.
Loan interest rates
If you started your course before 1 September 2012 you are not affected by these changes. Interest is charged on your loan while you are studying. Until you start repaying the loan, interest is charged at the rate of inflation plus three percent.
When you are due to start repaying your loan the amount of interest you are charged depends on how much you earn.
You will be charged the following rates of interest:
If you earn less than £21,000 – interest at the rate of inflation
If you earn between £21,000-£41,000 – interest at the rate of inflation plus up to three per cent
If you earn over £41,000 – interest at the rate of inflation plus three per cent
Student Loans for Tuition Fees and Living Costs 2011/12
- You can apply for a Student Loan to help with your living costs and tution fees.
- Student Loans dont have to be repaid until you graduate, and your gross income exceeds £15,000 per annum (£1,250 per month, £288 per week).
- Repayments are collected by the Inland Revenue and your loan will be subject to an interest rate linked to inflation.
- Repayments are calculated as a percentage of income above the threshold of £15,000. Currently this percentage is 9%. This means your repayments will rise or fall directly in line with your income and if you stop working or do not earn £1,250 per month/£288 per week you will not make any repayments.
- You can pay off your loan more quickly by making extra payments.
- PLEASE NOTE: If you want to apply for a Student Loan for a course you are starting in 2012, you can apply online at www.studentfinancedirect.co.uk
Other Funding
- There is a range of other state-funded support available for particular groups of students. For example the Parents Living Allowance, Childcare Grant, Adult Dependents' Grant, Care Leavers' Grant, Access to Learning Fund and Disabled Students' Allowance.
- There are also other sources of funding available to students via sponsorship and scholarship. The local library should have publications that give details of eligibility to these sources and how and when to apply.
We understand that the Student Loan Company have a back log of applications and as such you may not yet have received your financial assessment forms. Please be advised that this does not effect your enrolment and you should come along to your session as normal, we will deal with any financial implications at a later date. When you do receive your assessment form you will need to bring it in to Registry/Finance so that we are able to confirm your attendance with the Student Loan Company.
Online Security
Protecting you and your information is paramount to Student Finance England. We have partnered with 'Get Safe Online' to promote online safety and security.
www.getsafeonline.org has useful information, and helpful advice about online safety.
Please click here to view information on Phishing safety.
Also visit this address to see more about Phishing safety - http://www.studentfinance.direct.gov.uk/pls/portal/docs/PAGE/DPIPG001/DPIPS003/PHISHING.PDF
