If you do a paid placement, you’ll get wages alongside a small maintenance loan. If you plan on doing an unpaid placement that doesn’t attract any funding, you will have to think very carefully how you’ll fund that year. Some unpaid placements will attract full funding from Student Finance England (SFE) – these include some NHS and research placements.
Remember, you may not be able to keep a part-time job alongside your placement. You won’t be able to work full-time alongside your placement so plan adequately.
Good things to think and know about before you go placement:
- If you’re moving to a new city, you can compare the cost of living on Numbeo
- Don’t forget to check if you are eligible for any bursaries and scholarships from Hallam with the bursary finder tool
- If you are worried about your finances – talk to someone! Use Hallam’s Support Services
- If you earn over the tax threshold on your placement year, you’ll have to pay income tax. This will be automatically taken from your payslip
- You can claim council tax exemption if you’re living in student halls or in a rented property where all other tenants are full-time students
Types of funding
Student Finance England
- 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
- The maximum amount of loan you’d receive in your placement year if you live at home is £2,090, as opposed to £2,788 if you’re living elsewhere. You’ll get more if you’re staying in London, £3,914
- If you choose an unpaid placement that attracts 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. You 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 are paid your student finance on the basis of studying 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
- If you normally receive the Student Success Scholarship you will continue to do so in your placement year, as long as your circumstances don’t change. The amount you receive may not be the same as in your second year
- Inclusive Support run an Interview fund for Estranged students and Care Leavers with a maximum award of £100 to help with costs associated with securing employment
- 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
Blackbullion can help you start planning by looking at your income and outgoings in order to calculate savings and create budgets. There are many tools available and tips to help you make the most out of your income.
See below some helpful tips for making the most out of your money:
- Use comparison sites to try and find cheaper deals on your insurance, TV/broadband deals and mobile phone. There are sites such as Split the Bills to help share the costs with housemates
- Get familiar with your pay day and payslip. Make sure you prioritise the essentials with your first wage – rent, food and travel costs
- Set direct debits up for your essential bills around the date you get paid, so you don’t fall behind
- Utilise your student discount, sites such as UniDays and apps such as Fever to find deals and offers in your area
- See if you can share any streaming accounts with friends and families to split the cost, or see if there are student options
Tuition fees on placement
During enrolment for your placement year you will be asked to agree to pay tuition fees like every other year at University; for the placement year, the fee is £1,200. It is worth knowing what this covers and how this is reinvested. Sheffield Hallam is a not-for-profit organisation and we continue to provide a fee waiver of £650 for all sandwich placement years. Your tuition fees on placement contribute to the investments we continue to make for your student experience, including access to academic supervision and University support services the same as any other year. The investments the University has been able to make to date include access to the Applied Professional Diploma in your chosen setting for additional reward and recognition of your efforts on placement, which is available free of any additional charge to students undertaking a placement. Your fees on placement also include access to the full range of University support services, with specific information related to placements on the Your work placement site as well as your course team, Employability Advisers and other specialist advisers. In addition, eligible students can access financial support through the Student Success Scholarship scheme which is one of our ways of helping to ensure everyone has the opportunity to succeed at Hallam.