Going on placement for a year means you’ll need to think about managing your money differently and you’ll probably have more money than usual, as you should 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).
• Commuting – parking, public transport, and adding ‘commuting’ to your car 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 – for the latest information on fees, visit our fees and funding page

We encourage you to take up a paid placement wherever possible, but not every sector or employer has a big budget for student placements. A means tested maintenance loan is available for some unpaid placements, including some NHS and research placements.

If you are worried about your finances, please contact Hallam Help. You can also find help by visiting Sheffield Hallam Students' Union Cost of Living webpages.

Undergraduate funding

If you receive a loan from Student Finance England, you usually need to re-apply for the following year in semester two.  The deadline is usually around June of your second year, and you will need to apply for either:

• Final year funding – apply for year three of the version of your course that ends in “FT” (Full Time, without placement year) on the Student Finance England website – if you don’t have a placement; or
• Placement year funding – apply for year 3 of the version of your course that ends in “SW” (Sandwich, with placement year) on the Student Finance England website  – if you have a placement.

You can still secure a placement after you have applied for your loan if this is before your deadline to secure a placement. Your loan application will be corrected by the University when you re-enrol in August.

If you do not have a placement secured at the time you apply for your loan, you are advised to apply as if you are planning to go onto your final year.

If you secure a placement after you have applied for your loan, you must email the Work Experience Team immediately. Undergraduate students have until 31 July to do this so the University can notify Student Finance England of any changes, this ensures you have the highest possible chance of having the right maintenance loan in place.

If you are paid your loan based on studying your final year, but are on placement, you are likely to receive an overpayment. Normally overpayments are taken from your future loan instalments.

Placement year funding is not available if you are undertaking short work experience, this is only available for the placement year.

Maintenance loan

If you are eligible to receive a maintenance loan, you can apply for a standard placement amount, this will be less than your normal study year amount. The amount available is not means tested but will differ depending on if you live at home, away from home, or in London whilst on placement.

Travel grant

If you secure a placement abroad, you may be eligible for a travel grant from Student Finance England.

Unpaid placements 

Whilst we encourage you to take up a paid placement, some unpaid placements are eligible for a means tested maintenance loan. This means you may continue to receive a maintenance loan and additional support (dependents grant for example), based on your household income, in your placement year.

Your unpaid placement must be one of the following to receive a means tested maintenance loan:

• Unpaid service in a hospital or in a public health service laboratory or with a clinical commissioning group in the UK
• Unpaid service with a local authority in the UK in work that relates to the care of children and young persons, health or welfare, or with a voluntary organisation providing facilities or carrying out similar activity in the UK
• Unpaid service with a local authority in work that relates to public health functions in the UK
• Unpaid service in the prison or probation and aftercare service in the UK
• Unpaid research in a UK institution or, in the case of a student attending an overseas institution, as a part of their UK course
• Unpaid service with a Special Health Authority, the NHS Commissioning Board, the National Institute for Care and Excellence, the Health and Social Care Information Centre, a Local Health Board; a Health Board or a Special Health Board in Scotland, or a Health and Social Services Board in Northern Ireland
• Unpaid service in the UK Parliament

Contact Student Finance England to ensure you are getting the most up-to-date and accurate information for your personal circumstances.

Placement bursary

You may be eligible to receive a bursary from the university. The Placement Bursary is available to provide financial support for students who have a placement year as part of a sandwich course. For more information on who can apply, visit the Placement Bursary page.

Postgraduate funding

You may have already applied for a Masters loan to help with the cost for your course, depending on who provides your postgraduate funding. If you are enrolled on a degree with work experience, your tuition fees cover the cost of your placement year and support to help you find a placement, so there should not be additional tuition fees to pay when you enrol on your placement year.

To find out more, visit the Masters loans page.

Money skills

If you would like to develop your money management and budgeting skills before you start your placement, information can be found on our Money Skills page.

Blackbullion is also a useful resource, sign up for free using your student email address. Try the Funding for students on a Work Placement article and the Budgeting 101 pathway to get started. Get tips on saving ahead of your placement year with the Savings pathway.