Money Matters For Undergraduates Starting in 2013/14

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 24/04/2019 © The University of Sheffield

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. 24/04/2019 © The University of Sheffield

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. 24/04/2019 © The University of Sheffield

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. www.gov.uk/studentfinance

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 24/04/2019 © The University of Sheffield

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: 0114 222 1262 24/04/2019 © The University of Sheffield

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. 24/04/2019 © The University of Sheffield

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. www.sheffield.ac.uk/bursaries 24/04/2019 © The University of Sheffield

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 emails from ourselves in the summer before they start. It is therefore important that students provide an email 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

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. 24/04/2019 © The University of Sheffield

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 24/04/2019 © The University of Sheffield

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. www.shef.ac.uk/moneytools 24/04/2019 © The University of Sheffield

Final Thoughts Most students put together a personalised funding package drawn from a variety of sources The University may email 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) 24/04/2019 © The University of Sheffield

Thank You For Listening.