1. Fees, Funding and Finance 2014-15 entry

2. How much does University cost?
Tuition Fees
Full time courses up to £9,000 per year tuition fees
Part time courses up to £3,375 per year
Living Costs
Accommodation, food, travel, social life
Cost of coming to university can be split into 2 – tuition fees and living costs.
Tuition fees – can be up to £9000 for f/t and £3375 for part time (may be more if doing more than 60 credits) per year– here at UoS we do charge those amounts. Covers all teaching, labs/facilities such as library and some field trips.
Living costs – covers everything else you’ll need to pay for – rent, bills, travel, books, social life.

3. How will you pay for it? Tuition Fees - You don’t pay anything upfront
- You receive a Tuition Fee loan to pay your fees every year (not based on household income)
Although this is a lot of money, the good news is that you don’t have to pay anything upfront. The majority of students take out a tuition fee loan (unless they have taken a tuition fee loan before – these students should check with Student Finance England/funding body). These are available to cover the max costs of p/t and f/t courses – each year. This is money that is borrowed from the government and administered by SFE and gets paid directly to the University.
This is not based on your household income (household income = income of house where student spends most of time – parents, grandparents, mother plus new partner)

4. Key Points – Money for tuition fees
Fees are maximum £9000 each year but there are exceptions and for some students fees can vary during their course.
All UK/EU students can take a loan from the government to pay for their fees.

5. How will you pay for it? Tuition Fees Fee Waivers
- Linked to household income and postcode
Household income of less than £25,000 and you live in one of the specified postcodes you’ll get a full or partial fee waiver.
UoS also offer support for fees in form of a fee waiver – this means we will pay all or part of your first year fees for you.

6. How will you pay for it? Living Costs
- Maintenance Loan – up to £5,555
- Maintenance Grant – up to £3,387
Dependent on household income
How going to cover living costs? Most students will use a living cost loan and grant. Again this money is from government administered by SFE - the amount you get is dependant on household income – as shown on the next slide.
No living costs available to p/t students.

7. How will you pay for it?
This table shows how the amount of money received (each year) by the student reduces as the household income increases. It is also worth noting that the proportion of money that is a grant also changes.
Grants = free money, doesn’t have to be paid back. Loan = does have to be paid back. Gets added to tuition fee loan to make student loan – which is discussed later in the presentation.

8. Key Points – Money for living costs
All English students can apply for a government loan of £3610 to help with living costs.
Depending on your household income you may be eligible for a loan up to £5555
Depending on your household income you may be eligible for a grant of up to £3387

9. How will you pay for it? Bursaries Linked to household income
Free money from The University
No application – we will use the information students supply to student finance to assess which students are eligible.
Money is free money, paid into student bank account, doesn’t have to be repaid.

10. Key Points – Money from the University
Bursaries and scholarships are payments to you. This is in addition to government loans and grants. University money does not have to be paid back.
Fee waivers mean you do not have to borrow as much money to pay for fees.

11. Part time work opportunities
Many of our students work part time to help with living costs with the added benefit of developing key employability skills.
Our Student Jobshop advertises all the latest vacancies and staff can offer professional advice.
As well as part-time work, the Jobshop also has details of vacation work, internships and year-long placements.
This slide is used to highlight the scholarships available (These are previous recipients)
Scholarships differ to bursaries as they recognise academic achievement.
Any eligible students will be ed inviting you to apply before they start.
It is therefore important that students provide an address on their UCAS app. that isn't based at their school/college.
25/12/2018

12. City Scholars
You need - ABB grades at A Level (or equivalent) or higher
- Be living in a low participation area in the Sheffield City Region.
You get £1,500 per year for every level of your course.
Details There are an unlimited number of awards.
You don't need to apply for this scheme, as it is automatically assessed.
Map credit: AxG
1. Sheffield
2. Rotherham
3. Barnsley
4. Doncaster
5. Chesterfield
6. NE Derbyshire
7. Bolsover
8. Bassetlaw
9. Derbyshire Dales
This is in addition to your loans, grants and bursaries each year!

13. Global Scholars You need
- A*AA grades at A Level (or equivalent) or higher.
You get Your air fare to an overseas summer school, as well as tuition and accommodation whilst you are there.
Details
There are 30 awards on offer.
The summer school will be at one of our partner institutions and you'll need to go in the summer after your first or second year.
Can only pick one of global and masters scholars.

14. Masters Scholars You need
- A*AA grades at A Level (or equivalent) or higher.
- Apply for selected undergraduate courses in Arts & Humanities or Social Science.
You get The University will pay the standard masters fee towards your postgraduate study with us.
Details
There are 50 awards on offer.
You need to start your masters straight after you finish your degree and meet the entry requirements for the course.
Can only pick one of global and masters scholars.

15. Key Points – Scholarships
Some scholarships help you do other things e.g. go abroad or do a postgraduate course. They are not always a payment to you but still add value to your student experience.

16. Part Time Work Invaluable experience and confidence.
The Student Jobshop can help you find part time work during term time, vacations and for your a year out on placement.
The University is a regular employer of students too.
Some students find that they have a deficit between the funding provided and their costs. This is where a lot of our students find a part time job.
Not only will a part-time job or vacation work give you extra cash, it will also give you invaluable experience and confidence.
At the UOS we have the student jobshop to support out students in finding work – be in part time during term, full time or for a year out placement. We also have our careers service who can help you write your CV, source jobs and prepare for interviews.
Lots of students are also employed on campus – for example to ambassadors working today.

17. Student Loans Repayments start: - The April after you graduate
Tuition fee loan
Maintenance loan
Student loan
Repayments start:
- The April after you graduate
- When you are earning over £21,000
Interest charged
Anything unpaid after 30years is written off
So anything you receive that is called a loan does have to be repaid – as the name suggests.
Tuition fee loan – for your course fees and your maintenance loan – for your living costs get added together to make your student loan. This is the money you will need to pay back.
You only start paying this back in the April after you graduate and you are earning more than £21,000
Interest is charged on your loan from the day you take it out and varies from inflation to inflation plus 3% depending on whether you are studying, graduated and graduated and earning over £42,000.
Anything you haven’t paid off after 30 years is wiped out.
Something to bear in mind is that your student loan will not effect your ability to get a mortgage or a credit card.

18. Student Loans – an example
You pay back 9% of anything over £21,000 that you earn
Therefore if you earn £22,000; you repay 9% of £ £90 per year or £7.50 per month
Repayments are based on what you earn – not what you owe
Your salary
You pay back 9% of
Monthly Pay (Gross)
Monthly repayments
£25,000
£4,000
£2,083
£30
£30,000
£9,000
£2,500
£68
£50,000
£29,000
£4,167
£217
So to give you an example of how the repayments work - You actually pay back 9% of anything you earn over £21,000. It is taken like a tax, your employer pays it directly to the Student Loans Company.
If you are earning £22,000 you pay 9% of the 1000 you are over the threshold. As the example shows, 9% of 1000 works out at 90 per year or 7.50 per month. As your wage increases the amount you pay increases, but it will always be 9% of what ever you are earning over 21,000. So you only pay back what you can afford.
If you take a career break, change jobs or decide you fancy going travelling and your salary drops below 21,000 the payments stop. The debt always sits with the student.
Repayments are based on what you earn – not what you owe (if doing 4 year course instead of 3 your monthly payments will be the same, but you’ll be paying back for longer)

19. Applying for Student Finance
How and when to apply – Applications will open in the new year. Will be informed by UCAS and school/college.
Any bursary info we will use SFE data. Important that students tick the consent to share box.
Section filled in by student – prove identity. Can use passport number, if don’t have passport can send off birth certificate.
Section filled in by parents/carers – prove household income. Provide figure and national insurance number. SFE will get in touch if they require any further information.

20. How much will I get?
Tool on website to predict how much students will receive from sfe and uni.
P/t funding calc available too.
Search money tools on website to find.

21. Budgeting www.shef.ac.uk/moneytools
Budgeting is a skill you’ll need through out your life and your time at university will be no different. Have a couple of tools on our website to help you plan your budget by estimating your costs (compliments funding calculator on previous slide)
We have video guides from current students giving advice based on key points before coming to uni and during the academic year. One section is dedicated to their pre arrival year.
We also have a budget planner which pre populates the average cost of living for students (given the figures by the students’ union) – you then put in the amount you expect to receive and it gives you a balance – this will give you a rough idea of what your budget will be.
This is a really useful tool to give you an idea of costs for students.

22. Key Points – What money will I have?
Use the online calculator to find out:
Make sure you find out how much things cost and work out a budget before you go to university:

23. Final Thoughts
Most students put together a personalised funding package
You don’t have to pay anything upfront to go to university
Most students say that the University experience is worthwhile academically, socially and financially
Finally… an average graduate earns £12,000 per year more than an non-graduate every year of their of working life (ONS, 2011)
Key points….
Most students put together a personalised funding package while they are at uni. Each student will receive different amounts of money from different sources.
You don’t have to pay anything upfront to attend – there are loans and grants to make it affordable.
Most students say that Uni is worth it – academically, financially and socially.
Finally, the Office of National Statistics found in 2011 that graduates earn on average £12,000 more per year than non-graduates every year of their working life – so you could say it pays to come to uni.

24. Thank you for listening. Any Questions?