#MyTax4MyChild
Use Your Family’s Income Tax for YOUR Child’s Education
Help your son or daughter attain their Diploma and Degree by paying the tuition fees related to their studies at Saint Martin’s Institute of Higher Education, and the Maltese Government will reimburse the income tax you would have paid until you receive up to €3,500 for the Diploma and €12,500 for the Degree.
To explain how this works, we have taken the example of a family with just under €20,000 combined income. The income tax payable by this family is of €2,278.13. The higher the income, the higher will be the income tax payable on an annual basis. The Government of Malta will pay back the income tax paid to make up for the tuition fees paid by parents for their children to study at Saint Martin’s Institute of Higher Education. Interested? Click Here
Tuition Fees
Reading for a degree with the University of London at Saint Martin’s Institute of Higher Education costs around €18,000 for the three years tuition until graduation.
During the first year, the student will be reading for an MQF Level 5 diploma that costs €4,967 and after your child would have successfully completed the first year, you will be able to submit these fees against your income tax. You will receive a payment of €2,278.13 (your income tax for the year) in the first year after graduation, and the balance of €1221.87 from your income tax in the following year. Thus, your net cost for the Diploma would amount to €1,467.
In the meantime, your child would be reading for his/her degree at a cost of €15,134 for the remaining two/three years, and after successful completion you will again start to receive €2,278.13 per annum as tax rebate, until you receive €10,593.8 — in other words you will enjoy nearly five years of tax free to compensate 70% of your expenses for your child’s tuition. Your net cost would be of €4,541 for a Degree conferred by the world renowned University of London.
Stipends and Maintenance Grants
Students reading for the Diploma and Degree programmes at Saint Martin’s Institute of Higher Education receive stipends and maintenance grants identical to that paid to students who attend at the University of Malta.
For students reading Commerce subjects, they qualify for maintenance grants of €931.74 for the first year and €465.87 for every subsequent year of study. In addition students qualify for €769 per year in stipends divided into 9 equal monthly payments of €85. In total, a student will earn €1700 for the first year of study, and €1235 for each subsequent year (€4170 for the three years).
Students who study Computing qualify for maintenance grants of €1397.62 for the first year and €698.81 for every subsequent year of study. In addition students qualify for €1348 per year in stipends divided into 9 equal monthly payments of €150. In total, a student will earn €2745 for the first year of study, and €2046 for each subsequent year (€6850 for the three years).
Interested? Click Here
Paying the monthly tuition fees
We are fully aware, that families have obligations and may not be able to make the monthly payments during the academic year — even though they are guaranteed that their income tax will be refunded in due course. Thus we have come up with an excellent package which we call the SMIFlexiPay™ that acts as a bridging fund. In conjunction with Bank of Valletta plc, the family is allocated a maximum of €15,000 out of which expenses related to the studies of the student are drawn down. As soon as the first withdrawal is made, monthly payments are affected. As an example, if the Diploma tuition fee is withdrawn at €4,842 a monthly payment of €75 per month is requested for the first twelve months. If the student does not pursue further studies, the monthly payment remains at €75 per month until the balance is fully paid up. This facility is charged at a favourable interest rate of 3.8%.
If we continue with the example above, of a family with an income of €19,500 and the SMIFlexiPay™ is utilised for the first year, a withdrawal of €4,842 will be made from the fund to pay the first year tuition fees, with a monthly payment of €75 per month, totaling €1,800 (€75x24 months) paid. In December of the second year, the family will receive a cheque for €2278.13 as income tax rebate and if this is paid directly into the fund, the balance due will be of €763.87 payable in €75 per month for twelve more payments in the third year, where the amount withdrawn with interest accrued will be totally paid, and in December the family will receive the remaining income tax rebate of €1221.87 which remains as income to the family, since the loan would have been fully paid up.
In the case that a student opts to continue with their studies and read for a degree, the whole process is repeated with a monthly payment of €127 per month instead of the €75 per month paid during the first year and in the third year, payments will increase to €257 per month instead of the €127 per month. In the meantime, after every year, parents may make a claim for reimbursement of their income tax, so they will continue to receive the full €2278.13 reimbursement, that may be deposited in the loan to reduce interest payable, and the extension of the period of payment after graduation.
Some good financial management should see families not being affected with the tuition fees for their child’s higher education, and utilising their income tax contribution towards their loved ones. Interested? Click Here
Benefits for your child
Parents do everything possible for their children’s future.
Parents who appreciate that the best inheritance they could give to their child is an excellent education. We at Saint Martin’s Institute of Higher Education are fully committed to provide you with the very best benefits for your child — and therefore, for you.
Your child will graduate from one of the most renowned Universities in the world, opening up opportunities both for work as well as for further studies;
You will be kept informed about the progress of your child with monthly attendance records and semester examination results, in addition to an annual parents consultation with academics teaching your child;
A pay as you go system, with easy payment terms and income tax refunds to ascertain that your child is the first to benefit from your own income tax contribution. After all, charity begins at home!
You do not have to pay for any private lessons or help outside the Institute. We guarantee that your child will get all the mentoring that is necessary by the Institute’s academic staff.
If monthly payments are stifling on your disposable income, we can provide you with assistance through the SMIFlexiPay™plan.
Interested? Click Here
Benefits for YOU
You will sleep easy, knowing you are doing your very best for your child’s future, whilst taking advantage from a Government scheme that allows you to keep your own taxes for your child’s benefit.
It is up to you to decide. We are here ready to provide you with all the information you require to make the right decision for your child’s future career. Phone us on +356 2123 5451, email on infodesk@stmartins.edu or complete this form to be contacted for a meeting Click Here
Last week to apply
Interested Click Here
