Funding your studies 2019

A quick disclaimer….. The information and figures from Student Finance are based on what we know at the moment. Some arrangements have been confirmed for this year only. Fee support for EU students will continue for 2019 entry

How much does it cost? Tuition fees Maintenance costs Up to £9,250 per year Expected to be confirmed shortly Covers all essential course costs Maintenance costs - All other costs 16/02/2019 © The University of Sheffield

Support from the government This support will be the same whichever university a student attends 16/02/2019 © The University of Sheffield

Eligibility Things that may affect eligibility for funding from the government: If you’ve studied for a higher education qualification before Your nationality or residency status How long you have lived in the UK for If you have concerns about any of the above you should contact your funding body.

Tuition fee loans Students receive a loan to pay their tuition fees every year of their course Don’t pay anything upfront Award is not linked to household income 16/02/2019 © The University of Sheffield

Maintenance loans (2018 entry) Household income Living at home Living away from home £25,000 or less £7,324 £8,700 £30,000 £6,707 £8,076 £35,000 £6,090 £7,452 £40,000 £5,473 £6,828 £45,000 £4,855 £6,204 £50,000 £4,238 £5,579 £55,000 £3,621 £4,955 £62,215 or above £3,224 £4,054 *Students aged 60 or over on the first day of their course receive a reduced maintenance loan. 16/02/2019 © The University of Sheffield

Applying for support from Student Finance 16/02/2019 © The University of Sheffield

Student loans Repayments start: Tuition fee loan Maintenance loan Student loan Repayments start: - The April after students leave university and - when they are earning over £25,000 Anything unpaid after 30 years is written off

Student loans Interest Studying Left university and earning less than £25,000 Left university and earning £25,000-£45,000 Left university and earning £45,000+ Inflation + 3% Inflation Inflation + 0%–3%

Student loans – an example Repayments are calculated as 9% of anything earned above £25,000. For example a salary of £26,000; graduates repay 9% of £1,000 - £90 per year or £7.50 per month. Repayments are based on what students earn – not what they owe 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 for 2019 entry. None of the awards have to be repaid. 16/02/2019 © The University of Sheffield

Sheffield Bursary Scheme Household income Household income Bursary per year £0 – 25,000 £1,000 £25,001 – 30,000 £500 £30,001 – 40,000 £250 16/02/2019 © The University of Sheffield

Sheffield Bursary Scheme If your household income is below £25,000 per year and you live in one of the country’s most deprived areas you’ll receive an extra £250 If you live in a low participation area in Sheffield or the surrounding region and achieve A,B,B or higher at A-Level (or equivalent) regardless of household income you will receive an extra £250 You can get either of these awards but not both 16/02/2019 © The University of Sheffield

Enhanced bursaries Care leavers*, student carers & students estranged from their families* can apply for an enhanced bursary of £4,500 per year. (This is instead of the bursary described on the previous slides) *Care leavers and estranged students must be under 25 on the first day of their course. 16/02/2019 © The University of Sheffield

Scholarships Experience Sheffield Scholarships Global Scholars Lloyds Scholars Sports Scholarships Departmental awards Household income £50,000 or less (£1,200 per year for 1st 3 years). Must achieve A*,A,A (or equivalent) or income be £40,000 or less. Household incomes below £25,000. For students who have competed in their sport at an elite level. 16/02/2019 © The University of Sheffield

How much will you get? www.sheffield.ac.uk/funding 16/02/2019 © The University of Sheffield

Budgeting www.shef.ac.uk/moneytools 16/02/2019 © The University of Sheffield

Part time work Invaluable experience and confidence. The Student Jobshop can help students find part-time work during term time, vacations and for placement years. The University is a regular employer of students too. 16/02/2019 © The University of Sheffield

Thank you for listening financialhelp@sheffield.ac.uk / 0114 222 1319 16/02/2019 © The University of Sheffield