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This information is based on 2012/13 figures. Financial Support Financial Support is available to meet two main costs at University: Living Costs - e.g.

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Presentation on theme: "This information is based on 2012/13 figures. Financial Support Financial Support is available to meet two main costs at University: Living Costs - e.g."— Presentation transcript:

1 This information is based on 2012/13 figures

2 Financial Support Financial Support is available to meet two main costs at University: Living Costs - e.g. rent, food, bills. Tuition Fees: University of Sheffield - £9,000 Sheffield Hallam University - £8,500 University Campus Barnsley - £7'995 University Centre Doncaster - £6,000

3 Financial Support Package Funding from Student Finance England Maintenance Grant- up to £3,250 Living Costs Loan- from £3,875 to £5,300 Tuition Fee Loan- up to £9,000 Extra Grants available for students with children and students with disabilities. Funding from your HEI Fee waivers Fee related bursaries Scholarships Access to Learning Funds

4 Eligibility for Support To qualify for Financial Support the student must meet two main criteria: 1) have been resident in the UK (and Islands) for three years prior to the start of your course. 2) do not already hold an honours degree. Previous study in HE may affect your entitlement. - EU students can apply for tuition fee support if they have been resident in the EU for three years.

5 How To Apply? 2012 entrants will apply to Student Finance England for funding. Applications will be primarily on-line, but not exclusively. Students can apply for their funding online at: This website also contains lots of additional information and support for students including their Online Support Calculator

6 © The University of Sheffield / Department of Marketing and Communications Government Loans and Grants

7 Grants and Bursaries Maintenance Grant/Special Support Grant Full £3,250 grant is payable if household income is under £25,000. Partial grant is payable where income is between £25,001 and £42,000. University Bursaries Catherine will explain the schemes at Sheffield.

8 Student Loans Tuition Fee Loan To cover Tuition Fees up to £ 9,000. Not Means Tested. Paid directly to the University. Fees do not need to be paid 'up front'. Maintenance Loan To cover Living Costs £ 3,575 to £ 5,300 per year. about 3 / 4 of this loan is not means tested. May be reduced if you receive the Maintenance Grant.

9 How do Student Loans Work? Repayments start: The April after you have finished your course. If you are earning over £21,000 per year. Repayments are taken directly from wages (like Income Tax). While studying, interest is set at 3% above inflation. When you finish your course interest levels will vary depending on your earnings: - under £21,000 per year = inflation rate interest. - between £21,000 and £41,000 = inflation plus up to £3%. The Government will write off any unpaid balance after 30 years.

10 £30 £142 Loan Repayment £0 £40 £80 £120 £160 £200 £240 £21,000£25,000£30,000£40,000 Yearly income Monthly Repayment £217 £50,000 £67

11 Student Loan Repayment

12 Access to Learning Funds This Government scheme for current students is administered by the Financial Support Team. Assessments are made based on the student's income and outgoings and personal circumstances. Priority is given to students: With children. With disabilities or medical conditions. Mature students (over 25). Entering HE from Care. NB. It is expected that this scheme will continue in 2012

13 Disabled Students Allowance Non Means Tested allowance to cover additional study related costs incurred due of disability. Available to full time and part time students. DSA may fund the following support as recommended in your Assessment of Need. -A specialist equipment allowance: may help purchase or rent any items of equipment you may need. -Non medical helpers allowance: may help pay for any support such as interpreters, note takers. -General allowance: may help with minor costs such as photocopying or Braille.

14 University Pays!! Both government commissioned and external studies have consistently found that, over his or her working life, the average graduate will earn comfortably over £100,000 more in today's valuation, net of tax, than a similar individual who achieved university entrance qualifications but did not go into HE.

15 University Pays (cont.) The Office of National Statistics have found that degree holders earned an average of £12,000 a year more than non-graduates over the past decade.

16 01/09/2014 © The University of Sheffield / Department of Marketing and Communications University of Sheffield Financial Support 2012 A range of bursaries and scholarships are available from The University of Sheffield. For more information go to: Students do not need to apply to the University. As long as they have been assessed for loans and grants we use the same information. Financial Support write to students at the end of Sept and if successful send payments to bank accounts at the end of Oct.

17 University bursaries and fee waivers IMD –economically deprived areas as defined by the Government based on UK National Statistics. Fee waivers partly funded by the National Scholarship Scheme. Household IncomeBursary each year1 st Year Fee Waiver £18,000 or under£1400Yes if from IMD postcode £18,001 to £25,000£1100n/a £25,001 to £30,000£750n/a £30,001 to £35,000£600n/a £35,001 to £42,000£500n/a Students from Care£1600Yes

18 1-Sep-14© The University of Sheffield Note: Students who live at home during their studies will receive a reduced amount of maintenance loan. Repayable financial support Free money – yours to keep Living costs / Maintenance total Assessed Household Income (£) Living Cost Loan (£) Living Cost Grant (£) University Bursary (£) Living Cost Total (£) 18000* Loan, Grant & Bursary Chart for PT earnings/Parents/ other to top up living cost support

19 Part Time Work Opportunities Not only will a part-time job or vacation work give students extra cash, it will also give them invaluable experience and confidence. The Student Jobshop can help students find part time work during term time, vacations and for their year out on placement. We host a part-time work and volunteering recruitment fair in the Autumn when local employers visit the university and interview students on campus. The University is a regular employer of students too!

20 01/09/2014 © The University of Sheffield / Department of Marketing and Communications

21 Budgeting “… overall annual costs are underestimated by an average of £450.”

22 01/09/2014 Contacts Student Finance England Tel: (practitioners line) Tel: (students line) Web: NHS Student Grants Unit Tel: Web: Student Services/Financial Support (TUOS) Tel: Web: Union Advice Centre Tel: Web:www.shef.ac.uk/union/advice/www.shef.ac.uk/union/advice/


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