Preparing for university is an exciting prospect; it brings with it independence but also financial pressure regardless of whether you are a mature student of a school leaver.
As a graduate I have experienced the financial difficulties of being a student first-hand. There have been times when as a student I was comfortable and times when I was forced to move back home with my parents and survive on as little as £20 a week.
Student Loans
Many students rely on student loans for financial support throughout their education. This is a low interest loan from the Students Loans Company which does not need to be repaid until you are earning over a set amount. It is wise to get a loan from the Student Loans Company over any other lender as their loans are exclusively for students and work out much cheaper (www.slc.co.uk).
There are two types of loans available, an assessed or non-assessed loan depending on your situation. If you are from a low income household you may be eligible to a higher loan amount than the standard non-assessed loan. To receive this higher assessed loan there will be additional procedures to inspect your eligibility, but it can be worthwhile.
A lump sum is usually paid into your ban account around the start of each term.
One of the mistakes I made as a student was splurging at the start of each term and then finding myself broke towards the end. One of the most important disciplines I learnt during university was to control my spending.
Employment
There is employment which is student friendly and employers who are willing to give you shifts around your timetable. These are commonly positions in retail, fast food restaurants and bars. They do not necessarily pay well, but they do provide many students with a steady and reliable source of income.
During my first year of university I worked in a retail store as a sales assistant and I did not have a problem keeping up with the demands of my course. As I started my second year I found I needed to devote more time to studying, so I found myself having to temp during half term holidays and the long summer break doing data entry.
There are temp positions available for students, some of which may even give you experience in an area which would be beneficial for your career. Many courses will encourage placements which compliment your studies. Some placements are paid and may even lead to a secure job offer for when you graduate.
Socialising
Student nights are big business for bars and clubs, they offer cut price drinks and entry for students. The majority of my free time was spent socialising in student nights and university societies, so much so that I was shocked at how expensive a normal night out was after I graduated.
If you drive friends around make sure you ask everyone for a contribution towards petrol money. There will be people who take advantage and frequently ask for lifts, so you must make it clear that you are not always available or prepared to be the designated driver.
Spending
As a full time student you are eligible for discounts in many high street shops, cinemas and restaurants. In many locations such as London there are also travel discounts. Make sure you look up all the discounts obtainable for students.
Keep a record of all you expenses, even for little things such as news papers, chocolate bars and drinks. This will help you to budget effectively and notice just how much those little expenses add up to.
Have a debit card as opposed to a credit card to avoid falling into debt. If you have a credit card do not carry it around, keep it indoors to use only in emergencies. Do not use credit cards for everyday expenses.
And a few additional words of wisdom….
- If you do find yourself experiencing financial hardship, do not struggle alone. Universities have services for students who have financial difficulties; it is simply up to you to talk to them.
- Local Education Authorities will cover some tuition fees for students from low income households.
- Many universities will have modules which run evening classes which may benefit students who work during the day.
- Get creative with sandwiches and packed lunches, it will save you a small fortune. Eating out is a massive drain on your bank balance.
- If you have children, disability or condition you may be eligible for more financial support. Enquire at your Local Education Authority or at your university for more details.
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