1. Money Matters For Undergraduates
Starting in 2013/14

2. What is included in my £9000 fee?
Contact Hours
Staff and Facilities
Support Services, Libraries, IT and University buildings
Compulsory elements of the course, e.g.:
Compulsory (non-residential) field trips
Compulsory lab-based equipment
Exceptions:
Medicine and Engineering foundation year £6000
MChem Chemistry with Study in Industry placement year £3000
Overseas placement years £1,350
Salaried work placement in UK £1100
Non salaried work placement in UK £0
Landscape and Architecture in practice £0
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© The University of Sheffield

3. Loans for Tuition Fees Loans for Living Costs
Not linked to household income
You do not need to pay for your fees upfront
Government loans are available for all students up to £9,000 a year
Loans for Living Costs
Linked to household income
All students are eligible for a minimum loan (£3,575)
Depending on your household income you may be able to borrow up to £5,500 a year
This applies to ‘eligible’ students
Main eligibility is that they have lived in the UK for 3 years prior to the start of their course, or hold refugee status.
AND that they haven't studied for a degree before.
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© The University of Sheffield

4. Grants for living costs
Linked to household income
Government grants are available up to £3,354 a year
They do not need to be repaid, i.e ‘free money’
Means tested on household incomes up to £42,611
Other grants are available as well, e.g.:
Disabled Students Allowance
Childcare Grant
Parents Learning Allowance
This applies to ‘eligible’ students
Main eligibility is that they have lived in the UK for 3 years prior to the start of their course, or hold refugee status.
AND that they haven't studied for a degree before.
Disabled Students Allowance:
Non Means Tested allowance to cover additional study related costs incurred due to a disability.
Available to full time and part time students.
Includes learning disabilities (Dyslexia, Dyspraxia, Dyscalculia, etc) as well as physical disabilities.
DSA may fund the following support as recommended by an Assessment of Need (this assessment can be carried out by the University) - 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.
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© The University of Sheffield

5. Applying for Loans and Grants
*This is a new web address.*
Applications open in January 2013
We would advise students to apply as soon as they are able, they do not have to have decided on their Firm/Insurance choice before applying.

6. University Bursary
Linked to household income
The Bursary is more money, but from this University if you choose us
You get it every year and it doesn’t have to be repaid
Household income
Bursary each year
£18,000 or under
£1,400
£18,001 to £25,000
£1,100
£25,001 to £30,000
£750
£30,001 to £35,000
£600
£35,001 to £42,000
£500
Students from care
£1,600
There is no application process and we will asses students automatically
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© The University of Sheffield

7. University Fee Waivers
Linked to household income and postcode
If your household income is under £25,000 a year, and you live in an economically deprived area, you’ll get a bursary AND a full or partial fee waiver for your first year
If you live in one of the most deprived areas, as defined by the government, you get a full £9,000 fee waiver
If you live in the second tier of deprived areas, you’ll get a partial fee waiver of £6,000
Students from a Care background will receive a £9,000 fee waiver irrespective of postcode.
We will use the government’s IMD database (indicating economically deprived areas) to work out which students qualify for fee waivers
There is no application process and we will assess students automatically
The University does not have a strict definition of a Care back ground, If students have queries over what constitutes Care please direct them to Student Transitions and Support:
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© The University of Sheffield

8. Loan, Grant & Bursary Chart for 2013-14
Repayable financial support
Free money – yours to keep
Living cost total
Assessed Household Income (£)
Living Cost Loan (£)*
Living Cost Grant (£)
University Bursary (£)
Living Cost Total (£)
Tuition Fee Loan (£)
18,000
3,823
3,354
1,400
8,577
9,000
25,000
1,100
8,277
30,000
4,292
2,416
750
7,458
35,000
4,761
1,478
600
6,839
42,000
5,418
165
500
6,083
50,000
4,788
55,000
4,288
*If you live with your parents while you study the level of living cost loan is reduced but your grant and bursary is unaffected.
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© The University of Sheffield

9. Estimating your entitlement
At this address is a calculator for 2013/14 starters.
This will show them a personalised breakdown of their
Living cost loan amount
Living cost grant amount
Bursary from the university
Tuition fee loan amount and or fee waiver entitlement.
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© The University of Sheffield

10. Scholarships at Sheffield
This slide is used to highlight the differing scholarships available (These are previous recipients)
We will write to eligible students before they arrive at University if they have chose Sheffield as their firm choice
The key point is to raise awareness of what we can offer and for students to keep an eye out for s from ourselves in the summer before they start.
It is therefore important that students provide an address on their UCAS app. that isn't based at their school/college.
Last year we awarded over 220 Scholarships,
with cash awards worth a total of £220k

11. Loans – How they work Repayments start:
The April after you have finished your course
And only when you are earning over £21,000 per year
Repayments are taken directly from wages
Interest is linked with inflation
These loans do not go on your credit file
You can pay off your loan early without penalty if you wish to
The Government will write off any unpaid balance after 30 years
For reference on Interest rates:
Interest is applied at the rate of inflation + three per cent up until the April after graduation
After that, if you're earning less than £21,000 a year, interest is applied at the rate of inflation. If you're earning between £21,000 and £41,000 a year, interest is applied at somewhere between inflation and inflation + three per cent, depending on exactly how much you earn. When you’re earning over £41,000 a year, interest is applied at inflation + three per cent
However repayments are still only based on what you earn not what you borrow.
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© The University of Sheffield

12. Loans – An example
Your repayments are based on how much you earn, not how much you borrow.
Your repayments are 9% of any earnings over £21,000 per year
Therefore if you earn £22,000; you repay 9% of £1000
- £90 a year
Salary
Monthly Pay
(Gross)
Monthly Repayment
£22,000
£1,833 £7
£25,000
£2,083
£30
£30,000
£2,500
£68
£50,000
£4,167
£217
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© The University of Sheffield

13. Help with Budgeting www.shef.ac.uk/moneytools
We have video guides from current students giving advice based on key points in the academic year.
One section is dedicated to their pre arrival year.
We also have a budget planner which pre populates with the average cost of living for students.
This can be valuable to give an indication of the average costs incurred by our students.
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© The University of Sheffield

14. Final Thoughts
Most students put together a personalised funding package drawn from a variety of sources
The University may you before you start your course offering you scholarships, so please don’t ignore these
Most students say that the University experience is worthwhile, academically, socially and financially
And Finally… an average graduate earns £12,000 per year more than a non graduate (ONS 2011)
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© The University of Sheffield

15. Thank
You
For
Listening.