Placement years have gotten more and more well-liked for students learning quite a lot of topics as a result of they’re mega helpful for getting actual work expertise beneath your belt and build up your contacts within the trade who could also be excited by providing you a job sooner or later.
Placement years are additionally known as a sandwich course, by the best way, as a result of your work placement will probably be ‘sandwiched’ in between your second and ultimate yr. They’re frequent amongst enterprise topics however are increasing into different topic areas comparable to engineering, maths and a few humanities topics.
Sound like one thing you’d love to do? Yes? Good. Best to search out out extra concerning the benefits and downsides of a sandwich course or placement yr by clicking that hyperlink. Right now we’re gonna let you know all about how student finance works while you’re on a placement.
Do I Still Need to Pay Tuition Fees?
You would possibly suppose that since you aren’t at college for the yr, you gained’t should pay a penny in tuition charges. Think once more placement yr student. As you’re nonetheless enrolled on the college and your placement has been organised via your college you’ll should pay a diminished quantity.
If you began your college journey after 1 September 2012 and are taking a placement yr, the schooling charges you’ll pay will probably be set at 20% of what you’re at present paying. So in case your charges are £9000 a yr, you’ll pay a most of £1800 in tuition charges.
What About a Maintenance Loan?
Even in case your placement is paid (which it bloomin’ properly must be and the overwhelming majority of placements are paid), you will be eligible to get a bit of additional money within the type of the trusty upkeep loan. This is a considerably diminished quantity although (student finance simply don’t need you to be an enormous cash baller, we’re sorry) as you’re additionally getting paid on the similar.
How a lot upkeep loan you obtain is dependent upon the place you’re planning on staying throughout your placement yr. For occasion, it is going to be barely much less in case you stay at residence (round £1760) versus dwelling in one other a part of the UK (round £2350). Understandably, you’ll get extra in case you’re staying in London (round £3300).
Will I Still Receive Bursaries & Scholarships?
This relies upon totally on what college you go to (and basically, how form they’re). Best to examine together with your college on this one, guys.
I’m Taking My Placement Abroad
If you’re jetting off to an unique location throughout the EU on your placement yr, you might be eligible for a upkeep loan of as much as £6600. There’s a upkeep grant of as much as £3387 accessible too, however that is assessed towards your loved ones’s earnings.
If you’re going outdoors of the EU, the utmost upkeep loan you will get your mitts on is £2807.
What’s the Deal with Paying Tax?
Even although you’re nonetheless classed as a student, in case you earn over £10,600 in your placement yr you’ll should pay earnings tax. However, it’s not all doom and gloom. You can nonetheless declare council tax exemption in case you’re dwelling together with your mother and father, student halls or a rented property the place all different tenants are full-time students. Therefore, watch out in case you determine to get a room for a yr with full-time working professionals as you’ll almost definitely should pay council tax.
Undertaking a placement yr is baggage of enjoyable, however there’s quite a lot of monetary issues to consider. Just ensure you know your stuff and the way your bank stability will probably be affected.
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