Information for Students who choose not to take Student Loans
Those students who are eligible for loans to fund their studies but choose not to take those loans need to plan their finances very carefully.
It is important to understand that if you decide not to take a loan, this is likely to effect your eligibility for other sources of funding:
- The Access to Learning Fund only accepts applications from those who have taken their full maintenance loan entitlement.
- Banks often want to see evidence of a loan before opening a student account with the interest-free overdraft facility.
- Some trusts and charities specifically exclude students who are entitled to a loan, whether they have taken it or not.
- If you are entitled to claim benefit as a student, the Benefits Agency will assume you have taken your loan entitlement and will reduce your benefit entitlement accordingly.
Funding from Banks
Interest-free overdraft facility
Most UK banks offer home undergraduates a student bank account with an overdraft facility which is interest-free up to a specified limit.
Funding from the University
The University manages various funds. These funds are for students who find themsleves in unforeseen hardship. The funds are extremely limited and only a few students receive a grant from these each year. You can apply via the general financial support application form available from SSiD in the Union Building or to download from:
Financial Support Application Form
If you wish to contact the Financial Support Team, please send a message to:
email : financialhelp@shef.ac.uk
Money Advice
If you have concerns about the level of funding available to you and how you can manage your budget, you can make an appointment with one of the Money Advisors in the Student Advice Centre located in the Union of Students, telephone: 0114 2228660
Students who do not take a student loan for religious reasons
Some students may not take the student loans they are entitled to because of their religious beliefs. It is very important that you have fully considered your options and have consulted your religious adviser and family before making a decision about funding your studies.
Sharia-compliant financing
HSBC and Lloyds TSB have Sharia-compliant financial services. For more information, visit the banks' websites:
HSBC: Amanah range of services
Lloyds TSB: Islamic Financial Services
The Islamic Bank of Britain offers Sharia-compliant Personal Finance for a range of reasons for which you may need to raise funds, including education. You would need to open a current account at the bank, for which you would be credit scored, and you need to show that you have an income from work (part-time work included) For more information, visit the Bank's website:
The Islamic Bank of Britain
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