Managing your finances as a student is no easy task. And if your budget is giving you sleepless nights, you need to remember that we have a dedicated Student Support Fund that’s in place to help those who really need it.
Read on to find out everything you need to know…
What is the Student Support Fund?
It’s available to undergraduates, on a discretionary basis, and applications are open from Monday 11th October 2021 – right at the start of the academic year.
The Fund offers peace of mind for those who are nervous about how their finances might pan-out over the year.
The maximum amount available is £3,000, the minimum is £100, if you’re eligible. Whatever award is made, it doesn’t need to be paid back.
Who qualifies for the Student Support Fund?
You shouldn’t apply for the Student Support Fund for ‘course-related’ costs, as you should have already made provision for things like tuition fees, or travel to and from any placement, before you start your programme. The Fund is there for students whose income falls short of ‘essential expenditure’, such as the cost of rent, travel, textbooks, etc.
The Finance team will look at your income/essential expenditure, and will then see how much disposable income you have left. Its important to understand that they don’t consider ‘lifestyle’ expenditures, for example if you’re suffering financially because you’ve chosen to pay for Sky TV, an expensive mobile phone contract, or to run a car, then chances are you won’t be eligible for the Student Support Fund.
But if you know there’s a genuine shortfall between your income and your outgoings, before the cost of any lifestyle choices, you could be eligible for an award. In some cases, your ‘income’ might only be your student loan.
How do you apply?
You can apply for the Fund once you receive the first instalment of your student loan. You also need to be an Undergraduate ‘home’ student, i.e. a UK resident, and who has been here for the full three years before the first day of the academic year.
There’s a separate fund for International, EU and Islands students, which can be accessed in ‘exceptional circumstances’.
Is it tricky to fill out the application form?
The form is fairly long, students shouldn’t feel daunted about having to fill it in. Every year, we survey students who’ve successfully received Student Support funds. Last year, 90% of those polled said they found the form either ‘very’ or ‘quite’ simple to fill in.
The Students’ Union also offers help and support when filling in the application form. You can contact the SU by emailing email@example.com or pop in to see President Clara Priestley and the team in the Lecture Theatre Complex located behind the Gateway.
How is any award paid?
If successful, you’ll receive the Fund directly to your bank account. In some cases, in order to help you budget, a payment is made each term, rather than being handed over in one lump sum.
For further information about fees and funding click here.