Funding your part-time studies
A quick disclaimer… The information and figures from Student Finance are based on what we know so far. Some information has been confirmed for 2018, some is based on information for2017 entry
The Cost of Higher Education There are two main costs associated with studying in Higher Education: Tuition Fees Maintenance Costs
Student Finance England
Tuition fee loan - The tuition fee loan will cover however much the tuition fee is for that year - P/T tuition fee 2018 – £4,625 - Available to all home and EU students - Can’t already hold a qualification equal to or higher than the one you wish to study for Must be studying at a course intensity of at least 25% A number of other eligibility criteria apply. Check online for details (www.gov.uk/student-finance/ parttime-students)
Maintenance loans - Maintenance loans are due to be introduced for part-time students in September 2018 - The value of the loan will be calculated using household income and course intensity - We expect further details to be confirmed early in 2018
Applying for loans Apply online from April/May
FT/PT Repaying the loans - Repayments start: - The April 4 years after you have started your course AND - When you are earning over £25,000 - Interest is charged - Anything unpaid after 30 years is written off - Repayments are based on what you earn not what you owe £25,000 household income threshold set to be confirmed in Autumn 2018
FT/PT Repaying the loans - You pay back 9% of anything you earn over £25,000. - Therefore if you earn £26,000; you repay 9% of £1,000 - £90 per year or £7.50 per month Your salary You pay back 9% of Monthly Pay (Net.) Monthly repayments £30,000 £5,000 £1,973 £37.50 £40,000 £15,000 £2,540 £112.50 £50,000 £25,000 £3,065 £187.50
Support from the University - This support is specific to the University of Sheffield - None of these awards have to be repaid - Awards will vary depending on your course
Sheffield Part-Time Bursary Scheme You must be studying a FTE of at least 50% within DLL
FT/PT Enhanced Bursaries Part-time students who are care leavers, carers or estranged from their families are eligible to apply for an enhanced bursary of £2,250
Budgeting www.shef.ac.uk/moneytools
Benefits – part time students - As a part time student you can usually still claim benefits which depend on your household income (means-tested benefits), such as income-based Jobseekers Allowance, Housing Benefit and Local Housing Allowance - Your fee loan will not be treated as income when assessing any means-tested benefit
Further support Student advice centre advice@sheffield.ac.uk /0114 222 8660 Financial support team Financialhelp@sheffield.ac.uk /0114 222 1319
Useful links Support from the government https://www.gov.uk/student-finance Applying for student loans https://www.gov.uk/student-finance-register-login University funding Part-time within DLL https://www.sheffield.ac.uk/ssid/finance/dll/part-time
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