Student Finance Amanda Boissevain Recruitment, Outreach & Admissions
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Student Finance
Amanda Boissevain
Recruitment, Outreach & Admissions
Housekeeping
Approx. Correct for
for today
Questions via
20 mins 2021 entry live chat
Agenda
Surrey fee
Student loans
Repayment
Other sources of income
FAQs
Surrey fee
£9,250 Repay after
per year graduation
£1,850
Professional No upfront cost
Training Year
(TBC)
Agenda
Surrey fee
Student loans
Repayment
Other sources of income
FAQs
Loans available
Tuition fee Maintenance Student
loan loan Loan
All UK Students UK students Tuition fee loan + Maintenance loan =
Paid to the university directly Based on household income, place of Student Loan
Up to the maximum public fee study and where you live
Paid directly to you
Maintenance loan
Correct for September 2021 entry – figures
released Feb 2021 by SFE
Household Income Home Elsewhere London
£25,000 & under £7,987 £9,488 £12,382
£35,000 £6,642 £8,130 £11,001 Where a
student is
£45,000 £5,296 £6,771 £9,620
living during
£55,000 £3,950 £5,412 £8,239 their studies
£60,000 £3,516 £4,733 £7,548
£65,000 £3,516 £4,422 £6,858
£70,000 £3,516 £4,422 £6,167
£70,004 £3,516 £4,422 £6,166
N.B Minimum loan cut off points; for students living at home is £58,220, for students living elsewhere £62,286, for students living in London £70,004.
Households over these thresholds will receive the minimum loan available.
Financial Memorandum for 2019/20 (slc.co.uk) – released February 2021
Additional funding
1 Have a disability, long-term health condition, mental
health condition or specific learning difficulty
2 Have children or other dependants
3 Study Nursing, Midwifery or Allied Health Courses
Applying for Finance: 2021
February/March 2021
May 2021
Student Finance open for
Deadline for applications
applications
Summer 2021
Confirmation from SLC
September 2021 2022
First of three instalments for that year Re confirm year 2 funding
Agenda
Surrey fee
Student loans
Repayment
Other sources of income
FAQsInterest rates
During your Earnings under Earnings
£27,295 - Earnings over
studies £27,295
£49,130 £49,130
Interest rate is:
Interest rate is: Interest rate is:
Retail Price Index Interest rate is:
RPI only RPI plus up to 3%
(RPI) +3% RPI plus 3%
Interest is charged from the first day that students receive their loans
The interest rates are updated each year in September using the
rate of RPI from March for 20/21 RPI will be charged at 2.6%How and when do you pay back student loans?
£27,295 9% of salary
threshold annually over £27,295
30 83%
years will not repay all of their loan
in the 30 year period*
Moving
AbroadRepayment
Salary Amount of salary from Monthly repayments Yearly repayments
which 9% will be deducted
£27,295 £0 £0 £0
£30,000 £2,705 £20.28 £243.45
£40,000 £12,705 £95.28 £1,143.45
£50,000 £22,705 £170.28 £2,043.45
£60,000 £32,705 £245.28 £2,943.45
Veterinary
Psychology
Medicine
3 years
5 years
Earn the same
Monthly repayment the sameAgenda
Surrey fee
Student loans
Repayment
Other sources of income
FAQsFull Surrey Award
The Full Surrey Award is a bursary of Eligibility can depend on:
£2500
• Household income less than £20,000
• If the student is living on campus, the award
will be paid against their accommodation fees • Postcode data
• If the student is living off campus, the award Consent to share • UK/EU student
will be paid as a cash bursary your information • Must pay full tuition fees (e.g. NHS-funded
• The student will continue to receive the Full on the Student students and students who are being funded
Surrey Award throughout their studies if they Finance Application are not eligible. This does not include any
progress normally (i.e. no repeat years). It is funding from Student Finance)
not paid during the Professional Training Year
• Must have correctly filled out and submitted
• No need to apply – but remember to consent to application for Student Finance and made sure
share your information that consent to share information with the
University has been given
surrey.ac.uk/fees-and-fundingEU Scholarship 2021 entry
New undergraduate students from the EU
who start their course at Surrey in
2021/22 academic year
Awards of £5000 per year of study
(excluding the PTY year)
Full eligibility criteria can be found on
our website – scan the QR code!
No formal application, all offer holders
applications will be looked at.Part-time work opportunities
On campus
• Students’ Union - shops/bars/events
• Help out with open days
• Student ambassadors
• Department work
15 hours per week
– recommended
Off campus/ in town maximum for term-
• Transfer your job from home time work
• Seasonal work
• UniTempsAgenda
Surrey fee
Student loans
Repayment
Other sources of income
FAQsThings to consider
Use the calculator (gov.uk/student-finance-calculator)
Deadline in the May before your September
start
Tick the sharing box for free money!
Bursary or scholarship is non-repayableFAQs*
What does ‘income’ mean?
This is your combined annual family income, before tax and national insurance have been deducted. But you can
deduct any pension contributions made. If you’re self-employed, your income is the total income amount on your
Self-Assessment form.
Is there a penalty for repaying early?
No, you can pay some or all of the loan off early with no penalty
When do the ‘30 years’ start?
The first April that you are eligible to make repayments from (normally the April after graduation)
Supporting two (or more) students at the same time?
Your income will be reduced by £1,130 a year (if you have a child under 16 and/or another child at university)**
Which tax year are Student Finance England asking for?
2019 to 2020 if your child or partner is applying for the 2021 to 2022 academic year
*Multiple sources. Correct as of Feb 2021 for 2021 entry. **Correct for 2020 entry, to be confirmed for 2021 by Student FinanceContinued… My income will be lower this financial year. What should I do? You can give your details for the current tax year if you think your household income will be at least 15% lower than the tax year you’ve been asked to provide details for What is ‘household income’ (supporting your child)? You, your partner, if you live with them (even if you were not living with them during the previous tax year) What is ‘household income’ (supporting a partner)? Your household income is the combined income of you and your partner (even if you were not living with them during the previous tax year). Will the loan affect a mortgage application? No! *Multiple sources. Correct as of Feb 2021 for 2021 entry
Final thoughts
Don’t worry!
Talk to your ‘household’
Complete the application together
Mind the gap
Budgeting – upfront costs & planning for
instalmentsFind out more
Thank you
Connect with us:
/universityofsurrey
study@surrey.ac.uk @uniofsurrey
@uniofsurrey
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