Money Matters Financial Support Team

Student Finance: Key Facts No one has to pay anything up front to come to University Loans are available to cover Tuition Fees and Living Costs You only start to repay your loans after you have graduated And… Only once you have started to earn over £21,000 per year

Financial Support Package Student Finance England: Tuition Fee Loan Living Cost Loan Maintenance Grant The University of Sheffield Bursaries + Fee Waivers Scholarships This is a breakdown of the funding system in 2012 (for non NHS funded students) The bulk of your funding will come from Student Finance England: the Tuition Fee Loan, Maintenance (living costs) Loan and Maintenance Grant. In addition there may be additional grants from Student Finance England for students with children, adult dependants and disabled students.

How to Apply? You can apply to Student Finance England for funding, online at: www.direct.gov.uk/studentfinance This website also contains lots of additional information and support including an Online Support Calculator You have to apply annually and it’s always best to apply early – applications will open in January Tell them if your circumstances change Sign and return your declaration Students will apply online for funding – via www.direct.gov.uk/studentfinance The direct.gov website will have an online support calculator which will enable students to input their university of choice, course of choice and details of household income. The calculator will then be able to give a pretty accurate indication of how much loan, grant and University bursary you will be eligible for.

www.direct.gov.uk/studentfinance 01/12/2018 © The University of Sheffield / Department of Marketing and Communications

So how do you get a Bursary from the University? At the University of Sheffield bursaries are between £500 - £1400 - based on household income No need to apply – we’ll assess and pay you automatically Additionally if you live in a economically disadvantaged postcode and your household income is less than £18,000 you get the first years fees paid for you. If you are from a Care background, you receive £1600 and the first year free.

The University of Sheffield Bursary You can check how much you will get at: www.sheffield.ac.uk/bursaries Household income Bursary each year First-year fee waiver £18,000 or under £1,400 Yes, if you have an IMD postcode. £18,001 to £25,000 £1,100 n/a £25,001 to £30,000 £750 £30,001 to £35,000 £600 £35,001 to £42,000 £500 Students from care £1,600 Yes, whatever your postcode. First-year fee waivers If you live in an economically deprived area, we won't charge you for your first year. We use a government database called the Indices of Multiple Deprivation (IMD) to work out who gets this discount. It depends on where you live. - The Index of Multiple Deprivation (IMD) takes your postcode and works out if your area is classed as economically deprived. To do this, it looks at things like employment, housing and services in your postcode area. Both If you're a student leaving care, you automatically get the maximum £1,600 bursary AND the first-year fee waiver, regardless of where you live. If your family's income is under £18,000 a year and you live in a deprived area, you can get the bursary and the fee waiver too.

Lets have a look at what you could get Loan, Grant & Bursary Chart for 2012-13 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 (£) 18000 3875 3250 1400 8525 9000 25000 1100 8225 30000 4330 2341 750 7421 35000 4784 1432 600 6816 40000 5239 523 500 6262 42000 5420 160 6080 45000 5288 50000 4788 55000 4288 60000 3788

Loan, Grant & Bursary Chart for 2012-13 Assessed Household Income (£) Example of Income Loan, Grant & Bursary Chart for 2012-13 Assessed Household Income (£) Living Cost Loan (£) Living Cost Grant (£) University Bursary (£) Living Cost Total (£) Tuition Fee Loan (£) 42000 5420 160 500 6080 9000 Total Living Cost income for 2012/13 = £6080 But this is paid in three instalments = £2000 (approx.) This can be used as a hypothetical example to explore what students can spend there money on:

You have 16 weeks of living costs: £125 Per Week £2000 =

“…overall annual costs are underestimated by an average of £450.” Budgeting “…overall annual costs are underestimated by an average of £450.” At this point: Get the students into groups and hand out an A3 piece of paper or similar and ask each group to write down if they where students what they would spend their money on: It is important that they not only write down what they would buy but also how much. Once enough time has been elapsed go round the group for feedback www.sheffield.ac.uk/moneytools

How you could have spent your money: Accommodation £ 1,200 (£75 per week for 16 weeks) Food £ 400 (£25 per week for 16 weeks) Books/Equipment £ 0 @ Sheffield these are included in the tuition fee Toiletries £ 60 (£15 per month for 4 months) Mobile £ 80 (£20 per month for 4 months) Transport £ 80 (£1 per day for 80 days) Societies £ 40 (£10 per month for 4 months) Clothing £ 50 TOTAL £1,920 This leaves just £ 80 for ‘entertainment’ (£5 per week for 16 weeks!) This is merely an example and the range of answers from students will vary: It is important to highlight that many people may need to find sources of funding beyond statutory support. What could you do to resolve this?

Part Time Work Opportunities Not only will a part-time job or vacation work give you extra cash, it will also give you 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! 886 part time vacancies were advertised at the Jobshop this year and we have the University of Sheffield “Bank” temp database.

Supporting Our Scholars. Scholarships Please highlight the need not to ignore emails from our selves or the Alumni office these may contain information on how to apply for scholarships: Funding also emerges through out the year so keep an eye out. It is important to note that students should search out further funding from charitable bodies. http://www.scholarship-search.org.uk

Finally…three things to remember Apply for all you can www.direct.gov.uk/studentfinance Budget realistically www.sheffield.ac.uk/moneytools Contact us if you need assistance financialhelp@sheffield.ac.uk

Thank you & Are there any questions? @UoSMoneyMatters