The funding available for a placement year is significantly different to a normal study year. It is important to think about whether you can financially commit to a placement, based on the funding which is available to you. The following guidance has been put together to help you with the decision-making process.
Reduced rate maintenance loans for 2023/24
UK home students funded by Student Finance England will be entitled to a reduced rate maintenance loan during a paid or unpaid work placement year. This will be typically in year 3 of a full time undergraduate course at BU. The loan rates are demonstrated in the table below:
|Reduced rate maintenance loan
|Full year loan
|Students living in the parental home
|Students undertaking their placement in London
|Students undertaking their placement elsewhere (including overseas)
Type B placements
UK home students who undertake what is considered as a Type B placement by Student Finance England, could be eligible for full funding, i.e. the same amount received in a standard study year. This support would be subject to household income assessment as usual. Type B placements are defined by Student Finance England as:
- 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 acting in the exercise of its functions relating to the care of children and young persons, health or welfare, or with a voluntary organisation providing facilities or carrying out activities of a like nature in the UK
- unpaid service with a local authority acting in the exercise of 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 course in an overseas institution
- 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.
It is likely students will need to provide evidence that they are undertaking this type of placement to their funding body (Student Finance England or other) to be considered for the full support.
More funding options
The tuition fee for a full placement in 2023/24 will be £850 for undergraduate students and £1,850 for postgraduate students. UK undergraduate home students on a full placement year will also be able to apply for the Tuition Fee Loan through their funding body (SFE or other) as normal, to cover the £850.
BU UK home students who face financial difficulty whilst on placement can apply for additional funding through the BU Financial Support Fund. BU also has the Placement Opportunity Fund for those UK home students who need financial help with placement costs. Visit the web pages for full details of the qualifying criteria for each fund.
If you need any further guidance on placement funding, please contact AskBU.