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Student Loan 2007 - 2008

 

The Student Loan is designed to help with your living costs such as rent/mortgage, food, travel, etc. It is not designed for any other purpose such as major household repairs,having central heating installed in your home, buying a car or very expensive computers!

 

It is available to all full time and PGCE students aged under 55 although if you are aged between 50 - 54 you will need to sign a declaration of your intention to find paid employment after the completion of your studies.

 

The student loan is divided in to two parts. 75% of the loan is non-means tested and is therefore available to all eligible students regardless of their family income. The remaining 25% is means tested and therefore not all students will receive it. The loan is paid in 3 instalments to mirror University term dates and also aims to help you budget more efficiently during the year. All payments will be paid directly into your bank account.

 

Checking on the process of your application

You can do this by contacting Student Finance Direct using the automated system by ringing 08456 077 577 (you will need your ART and pin number to access this facility) or checking your application online. If you need money quickly because your LEA is assessing your PN1/PR1 application you should contact the Advice Unit to check if you are eligible for an Emergency Loan. (See relevant section)

 

Full-year Rates	Maximum Available	75% that does not depend on income	25% that does depend on income
Elsewhere	£4,195	£3,145	£1,050
Living at Parents' House	£3,320	£2,490	£830
Final-Year Rates
Elsewhere	£3,645	£2,735	£910
Living at Parents' House	£2,900	£2,175	£725

 

Repaying your Student Loan

 

You will only start making repayments at the start of the tax year after you complete your course. The tax year runs from 6 April to 5 April.

 

The SLC will write to you about this and will include repayment and deferment forms.

Interest on the loan is linked to inflation therefore these loans are not commercial loans so what you will repay will be worth what you initially borrowed. If your income is above £15,000 your employer will automatically deduct repayments from your monthly salary at the same time as deducting tax and national insurance. If your income is above £833 a month or £172 a week the repayments will be worked out as a percentage of your income above £833, not as a percentage of your total income. This percentage is 9%.

 

Earning	Repay
£16000	£7 a month
£17,000	£15 a month
£18,000	£22 a month
£19,000	£30 a month
£20,000	£37 a month

 

If you earn less than £15,000 you will not have to make any repayments and if you are receiving Job Seekers Allowance or Income Support then you should complete a deferment form as soon as possible and return this to the SLC.

 

Important note: Every year the Advice Unit sees students who cannot obtain a Student Loan due to previous student loan arrears or a default judgement, which has been recorded against them. If you fail to notify a change of address, fail to respond to letters from the SLC or fail to complete the appropriate deferment form then you may have these sanctions.

 

Students with children or a dependant adult

 

Students with dependant children may claim a grant towards registered childcare costs and the Parents' Learning Allowance.

 

Students are also eligible to apply for Child Tax Credit (see relevant section below) from the Inland Revenue.

 

You will receive this extra support in addition to your main Student Loan, HE Grant and help towards tuition fees.

 

Parent's Learning Allowance (PLA)

This will be paid to all students with one or more dependant children and is subject to the dependant's income. It is designed to help with Course related costs and the maximum amount available is £1,365.

 

Dependant's income can be payments made under a covenant, pension from a deceased parent, unit trusts and bonds, bank interest, etc. If your child or adult dependant receives any income which you think may be classed as income or are unsure about whether to declare it as income, you should contact the Advice Unit for further clarification.

 

Important note: Jobcentre Plus (The Benefits Agency) will disregard any PLA payment when working out your entitlement to benefits during 2005-2006

 

If you are unclear about your eligibility, you should contact the Advice Unit as soon as possible on01204 900850.

 

Students with adult dependants

If you have a husband, wife, partner or another adult member of your family who is financially dependent on you then you may be eligible to receive this grant. The LEA will look at your income and your adult dependant's income. The maximum amount available is £2395.

 

Childcare Grant

The Childcare Grant is paid to full time students with dependant children who are using approved or registered childcare. Your LEA will assess how much you are entitled to but it will be paid by the SLC in three instalments.

 

For 1 child: if you pay up to £135 a week then you can receive up to £114.75 a week based on 85% of actual costs.

 

For 2 or more children: if you pay up to £200 a week then you can receive up to £170 a week based on 85% of actual costs.

 

Please note: The student must make up any shortfall, it will not be possible to apply to the University for help with additional help with extra childcare costs. You cannot get this grant if you claim or are in receipt of the childcare element of the Working Tax Credit. You will be
asked on the application form about childcare needs. Ensure that you answer this question if you are using registered childcare.

 

Job Centre Plus (The Benefits Agency) will disregard any Childcare payment when working out your entitlement to benefits during 2004-2005. If you are unclear about your eligibility you should contact the Advice Unit as soon as possible on 01204 900850.

 

If you are concerned about the level of funding you have received and would like further advice and information, please contact the Advice Unit as soon as possible on 01204 900850.