Student funding essentials - Student Funding for 2023 transcript
Hello and welcome to the student finance presentation for 2023 entry. My name is Joanna Wakely and I'm the Student Funding Manager here at Solent University. I'm going to provide a brief overview of the student finance system for the coming year.
Joanna Wakely, Student Funding Manager for Solent University is sat talking to camera.
The two main costs for students entering higher education, are tuition fees and your living costs. Student Finance provide financial support on behalf of the UK government. If you live in England, Wales, Scotland or Northern Ireland, you will need to apply to your respective funding body as the systems vary.
Joanna Wakely, Student Funding Manager for Solent University is sat talking to camera. Two red circles appear in each one says 'Tuition fees' and ''Living costs'.
International students will need to self-fund the cost of tuition fees and living costs. For EU students starting a course after the 1st of August 2021, (or 2023 for most recent entry), you must either have settled or pre-settlement status under the EU settlement scheme, to be eligible for student finance. Otherwise, you will need to self-fund tuition fees and living costs.
Joanna Wakely, Student Funding Manager for Solent University is sat talking to camera. Shown on the screen is information from the presentation which says; 'What's different for international students? - Tuition fees for international students are different, and unfortunately no tuition loan is available. - EU students; if you started a course on or after August 2021, you must have settled or pre-settled status under the EU Settlement scheme to get student finance. For more information about the EU settlement scheme; https://www.gove.co.uk/settled-status-eu-citezens-families - However, we will be offering scholarships for international students'.
The tuition fees for home UK students are currently £9250 pounds per annum for undergraduate degrees and you may be able to apply for a tuition fee loan. Tuition fees for international students are higher.
Joanna Wakely, Student Funding Manager for Solent University is sat talking to camera. On the screen appears two green circles, one has the text inside; 'Tuition fee loan', the other has text inside that says; 'Maintenance loan'.
The tuition fee loan is paid directly to the University on your behalf. Maintenance loans are available to full-time UK students and it is paid directly into your bank account on a termly basis. You will need to apply every year to student finance and this usually opens at the beginning of February. Applications should be submitted by the closing date and it usually takes between six to eight weeks for assessment. Your student finance account is managed via your online web account.
Joanna Wakely, Student Funding Manager for Solent University is sat talking to camera. The circles fade to be smaller. Underneath one says; 'Tuition fee loans are paid directly to your university'. The other has text underneath that says; 'Maintenance loans are paid directly to you, in three termly instalments'.
Student Finance will consider three main conditions for eligibility. Firstly, they will consider your personal eligibility, i.e your immigration status, your residency, your domicile country and if you have any previous study that affects your student finance. Secondly, they will consider your course eligibility - this is your degree or HND. And finally, whether you are dependent or an independent student for assessment purposes. The amount of maintenance loan available to you, depends on where you live while studying, whether it is in the parental home or elsewhere. If you are a dependent student, they will consider the household income of your parents and if you are living with a partner, their income. Student finance will also consider the length of the course. The standard teaching year is for 30 weeks, with nursing students studying for 41 weeks. Students aged under 25 are classed as dependent students and the household income of parents will be assessed. Students aged 25 or over are automatically classed as independent. Some students under 25, may be still assessed as an independent student and this would apply to those students who have either worked for three years prior to the start of study, are married, are care leavers or are estranged from their parents.
Joanna Wakely, Student Funding Manager for Solent University is sat talking to camera. A presentation slide is shown on the screen. On one side is an illustration of a person with a laptop and books. On the side is text; 'Applying for your loans. - Loans are for UK students (and some eligible EU students) - You can apply online every year from February, to you regional finance provider - more at www.gov.uk/studentfinance - You do not need a confirmed course or university place to apply - Your existing credit history does not affect your ability to take out student loans'.
There is also additional funding available from Student Finance in the form of the Disabled Students Allowance, for those students who have specific learning difficulties, or long-term medical conditions. For those students who have dependents there is a child care grant, parent learning allowance and adult dependence grant and full information is available on the government website. The University has a number of additional bursaries, scholarships and grants that are non-repayable. There are targeted bursaries available for those that are care leavers, have lived in supported accommodation, or who are estranged from parents, or have significant caring responsibilities. The additional support grants include, a course cost grant for those students with compulsory course costs, a diagnostic support grant for those students who require financial help with the cost of a dyslexia assessment, the unpaid placement grant for those students who would like to undertake an unpaid placement or volunteering during their time as a student, and there is also a local bursary for students living in an SO or PO post code from an admissions address. There is a technology bursary which is designed to assist students on those from low income backgrounds with IT facilities and there is a general support grant for students in financial difficulty. Full information and eligibility criteria for these, is available on the university website.
Joanna Wakely, Student Funding Manager for Solent University is sat talking to camera. On the screen is shown a new presentation slide. There are four columns each with different text. The first column says; 'Disabled Students Allowance is non income- assessed and based on your specific needs to help with your studies e.g. notetaker, equipment, mentoring'. The second column says; 'Childcare grant - up to 85% of the costs of registered childcare (subject to maximum cap).' The third column says; 'Parent's Learning Allowance - for students with children'. The fourth column says; 'Adult Dependant Grant - for students with an adult dependent who has no income'.
Full information regarding loan repayments is available on the student loan company website. Broadly speaking, repayment of loans is linked to your earnings after you graduate and you only begin to repay your loans when you are earning above the income threshold. Payments are deducted from your salary by your employer, or if you are self-employed by the self-assessment tax return.
Joanna Wakely, Student Funding Manager for Solent University is sat talking to camera. On the screen a new presentation slide is show with the text; 'Tuition and Maintenance Loan repayments - Repayments start the April after you have left your course - Payments are not linked to the amount you owe but how much you earn - From April after leaving university, you only replay if you are earning more than the threshold limit (gross) - Repayment are taken directly from your salary through our PAYE (pay as you earn)'.
Interest is charged on the loan and is based annually on the retail price index.
Joanna Wakely, Student Funding Manager for Solent University is sat talking to camera. A new presentation slide is shown on the screen with the text; 'Tuition and Maintenance loan repayments - Repayments start the April after you have left your course - Payments are not linked to the amount you owe but how much you earn - From April after leaving university, you only repay if you are earning more than the threshold limit (gross) - Repayments are taken directly from your salary through PAYE (pay as you earn).
Thank you very much for listening and please remember if you do have any questions then we are more than happy to answer them for you. Our contact details can be found on the university website and we can be contacted by email, phone or in person.
Joanna Wakely, Student Funding Manager for Solent University is sat talking to camera. Text appears on the screen; 'firstname.lastname@example.org 023 8201 5200' Another presentation slide is also shown with web links to use; www.solent.ac.uk/finance www.gov.uk/student-finance-calculator www.studentloanrepayment.co.uk www.moneysavingexpert.co.uk www.thestudentroom.co.uk www.gov.uk/studentfinance.co.uk - ENGLAND www.gov.uk/studentfinancewales.co.uk - WALES www.saas.gov.uk - SCOTLAND www.studentfinanceni.co.uk - N.IRELAND https://www.gov.uk/student-finance-eu-students -EU
Red screen with Solent University logo in white is shown. [Ends]