Going on placement for a year means you’ll need to think about managing your money differently. The good news is, you’ll probably have more of it than usual as you should ordinarily be earning a salary on top of any loans or additional funding you’re entitled to.
Here are some of the costs to think about:
- Relocation to another city / signing up for another year in Sheffield – accommodation and transportation (including flights). Check the differences in costs on Numbeo.
- Commuting – parking, public transport, and adding ‘commuting’ to your motor insurance.
- Living costs – rent, utility bills, contents insurance, council tax, and food.
- Work-related costs – income tax, national insurance, work clothes, and uniforms.
- Tuition fees – already included in the cost of postgraduate courses, and £1,200 for undergraduate courses.
To help with some of these costs, use Sheffield Hallam’s bursary finder tool to find out if you’re entitled to any bursaries or scholarships that we offer. In addition, we’ve included some specific advice on what to do about your student loan during your placement year (for undergraduates).
We encourage you to take up a paid placement wherever possible, but not every sector or employer has a big budget for student placements and many still offer extremely valuable experiences. Some unpaid placements entitle you to full funding from Student Finance England (SFE) – these include some NHS and research placements. Carry on reading to find out more about funding options that might help make things easier for you to take up a placement.
If you are worried about your finances – talk to someone! Contact Hallam Help.
Undergraduates applying for Student Finance England funding, what you need to know
Your third-year funding application
If you receive a loan from Student Finance England, you usually need to confirm you are continuing your studies for the following year, in Semester 2. The deadline for you to apply is usually around June of your second year and you will need to apply for either:
- Final year funding – if you don’t have a placement; or
- Placement year funding – if you have a placement.
You can still secure a placement after you have applied for your funding as long as this is before your deadline to secure a placement, and your application will be corrected by the University when you re-enroll in August (see below).
More information you need to know about Student Finance England funding
- While doing a placement year your tuition fees will be charged at £1,850, which Hallam will then reduce further to £1,200 - so this is the amount you'll be borrowing.
- If you are eligible to receive a Maintenance loan, you'll be able to apply for a standard placement amount, which is less than your normal studying rate.
- If you secure a placement abroad, you may be eligible for help from Student Finance England in the form of travel grants.
- The maximum amount of loan you’d receive in placement year if you live at home is £2155, as opposed to £2874 if you’re living elsewhere. You’ll get more if you’re staying in London, up to £4035. If you choose an unpaid placement that entitles you to full funding and you are eligible for any grants for dependents. You should continue to receive that additional support in your placement year.
- If you do not have a placement secured at the time you apply for student finance, you are advised to apply for funding as if you are planning to go straight onto your final year next year. If you secure a placement after you have applied for funding, you must email the Work Experience Team immediately. Undergraduate students have until 31 July to do this, so the University can then notify Student Finance England of the changes to your entitlement, to ensure you have the highest possible chance of having the right Maintenance loan in place at the start of your final year.
- If you have paid your student finance based on studying in your final year, but are on placement, you are likely to receive an overpayment of Maintenance loan which will be offset against your future payments once your finance is reassessed to the placement rate.
- Placement year funding is not available if you are undertaking a short work experience, this is only available for the placement year.
Postgraduates applying for external funding
You should have already applied for the full amount of loan required for your course, depending on who provides your postgraduate study funding. If you are enrolled on a degree with work experience, your tuition fees for the placement year and support to help you find a placement is covered in the costs, so there should not be anything additional to pay when you enrol on your placement year.
Find out more about Masters loans.
If you find yourself worrying about money at any time, including whilst you’re on placement, contact Hallam Help. Advice is always available, and you may be eligible to be considered for emergency funding. In addition, below are some of our specific schemes you may want to consider. Don’t forget to use Sheffield Hallam’s bursary finder tool to find out if you’re entitled to any bursaries or scholarships that we offer.
GoGlobal fund (All students)
Sheffield Hallam’s GoGlobal Fund encourages students to broaden their horizons and enhance their skills and future employability by undertaking an international experience while studying at Sheffield Hallam. The GoGlobal Fund accepts applications for participation in online learning activities and virtual mobility.
Students can receive up to £100 to support their participation. Find out more at GoGlobal.
Estranged Students and Care Leavers (All students)
Sheffield Hallam’s Inclusive Support has an Interview fund for Estranged students and Care Leavers fund with a maximum award of £100 to help with costs associated with securing employment.
Student Success Scholarship (Undergraduates only)
If you normally receive the Student Success Scholarship you will continue to do so in your placement year, if your circumstances don’t change. The amount you receive may not be the same as in your taught studies.
Turing & Erasmus+ funding for placements abroad (All students)
If you’re interested in a placement in an EU country, you may be eligible for help via Erasmus+. As the United Kingdom has now left the European Union, the Erasmus+ scheme is due to be replaced by the Turing scheme. Students going on placement within the European Union during the 2021/22 Academic year will still be eligible for Erasmus+ funding.
Find out more about Hallam Erasmus and Exchanges. If you would like to develop your money management skills before you start your placement, check out further information here. Blackbullion is also a really good resource, you can sign up for free using your SHU email address. Try the Funding for students on a Work Placement article and the Budgeting 101 pathway to get started. Get more tips on saving ahead of your placement year with Blackbullion’s Savings pathway.