The Student Council of the University of Iceland oversees the Student  Fund. The Student Fund’s role is to aid the cultural and social life  within departments of the University. The Student Fund donates  financial support to departmental societies, student associations and  students. The board of the Student Fund is elected every year, 2  members are elected by the Student Council and 3 by presidential  meetings of departmental societies.

The Student Fund donates finances at least 4 times a year and it is  very well advertised each time. All student associations at the  University can apply for a grant at the beginning of each school  year. Faculty societies with more than 15 members can apply for a  grant which is connected to the number of students studying a  specific subject. Those who want to apply are advised to look at the  Student Fund statutes and work method rules of the board before they  send an application.