Financial Support - Make Your Money Matter
Money Planner
If you are not sure how much funding you will have or how much things will cost, our Money Planner is the place to start. Whatever your circumstances, creating a budget will help ensure you get the most out of your time at university. Our online programme will help you create a budget and give you information about funding and average costs. Give it a try and make your money matter:
www.sheffield.ac.uk/moneyplanner
Another useful online tool is the Money Timeline, this helps you plan ahead and identifies and future costs alongside money saving tips from real students.
www.sheffield.ac.uk/moneytools
Applying for loans and grants
All UK full-time students who have to pay the £3,375 tuition fee can apply for a tuition fee loan (worth up to £3,375). You could also be eligible for a maintenance loan (worth up to £4,950) and maintenance grant (worth up to £2,906).
Students with additional costs, such as disabled students or those with responsibility for children, may qualify for supplementary grants e.g. Disabled Students' Allowance, Parents Learning Allowance or Childcare Grant.
We expect that you will have already sorted out your loans and grants before your course starts, but if not, you can still apply. To find out more about applying for loans
and grants go to:
www.direct.gov.uk/studentfinance
The Student Advice Centre (Level 3, Students' Union Building) can help you resolve any issues with your entitlement to student funding
www.sheffield.ac.uk/union/advice
Bursaries
You do not need to apply for a University bursary, or to fill out any more forms. The details you provide to Student Finance England will also be used to assess your eligibility for a University bursary. By completing your application for student finance you and your sponsors are giving consent to pass some details on to the University to assess you for a bursary worth between £250 and £1,400 depending on your household income and whether you are entering through one of our Outreach Schemes (including Access to HE).
Once you have started your course our Financial Support Team will let you know if you will receive a bursary and how you will get your money.
Find out more about University bursaries:
Repayments of student loans
You make no repayments on any student loan until the April after you have left University. Loans are repaid at a rate of 9% of any income earned in excess of £15,000. For example once you are earning £17,000 per year you would repay £15.00 per month. This amount increases as your income increases.
Age
There are no age limits on qualifying for a tuition fee loan or maintenance grant. If you are under 60 on the first day of the first academic year of your course you should be eligible for a maintenance loan as well.
Benefits
Usually, full-time students cannot claim benefits for the duration of their course. However, some students will retain their entitlement; these include single parents, disabled students or student couples with dependent children (during summer vacation only). Students whose partners are not studying can claim benefits, provided the claim is in their partner´s name. However, student income is taken into account for most benefit claims.
Students with children may be able to claim Child Tax Credit. If you think you might be entitled to benefits or Tax Credits, please contact the Student Advice Centre.
The Department of Work and Pensions will count your student loan as income and some grants that you may receive. If you receive a University bursary, it will not affect your benefit as it will be disregarded in calculations of benefits. Student loans are taken into account even if you chose not to apply for one. Some benefits are not affected by income, such as Disability Living Allowance and therefore the amount that you receive should not be affected by your loan or grant. Student loans and most grants are not taken into account for Tax Credit claims.
For more information or to get financial advice from a Students´ Union Money Advisor please visit:
http://www.shef.ac.uk/union/advice
Additional Support
If you get into financial difficulties once you are studying at the University we may be able to offer limited assistance through the Access to Learning Funds (ALF). Mature students and students with children are two of the priority groups for ALF.
Find out more about Access to Learning Funds:
http://www.shef.ac.uk/ssid/finance/application.html
If your student loan or bursary is delayed the University may be able to offer you a short-term loan to help you out until your funds arrive. Alternatively, many banks offer an interest-free overdraft facility for students which you may want to take advantage of.
Find out more about Short Term Loans: