Even if you’re not studying maths at uni, you’ll have to become an expert at numbers. Because student life is expensive and learning how to budget is one of the most important skills you’ll learn – possibly even more useful than anything you’ll pick up at a lecture.
If you’re terrified by the fact that universities can now charge up to £9,000 a year in tuition fees, don’t worry – it’s not upfront. You only begin to pay this fee after graduation and when you’re earning £21,000 or more. After 30 years, if the debt is not repaid, it is written off.
But there are other costs: rent, food, having fun. How do you pay for these? Full-time students in England starting fresher life this year can apply for a maximum maintenance loan of £10,700 – but that’s for students from a low household income living away from home, at a London uni; the amount you’ll actually receive depends on your family’s finances. The support is different for students from Northern Ireland, Scotland and Wales, so check with your local funding institution.
If you’re from a low-income background, are disabled or a carer, or have kids, there are other grants available, such as the Disabled Students Allowance to cover the cost of specialist equipment and/or a non-medical helper.
It’s also worth searching the internet to find other sources of student funding: local charities, educational trusts and even some schools offer grants to uni-goers. Universities also offer hardship bursaries, so speak to the finance officer if you think you might be eligible.
But most students top up their income with a job. There’s the usual bar and shop work, and irregular jobs such as doing deliveries, babysitting, or IT support locally can be a good way to earn cash around your studies. Some big companies – accountancy, legal and consultancy firms – the NHS and armed forces sponsor students throughout uni, usually on the understanding that they work for them before or after university, or during holidays. Most unis recommend students limit their paid work to a maximum of 15 hours a week in term time, so they can stay up to speed on academic work too.
Other potential sources of funding are your parents – well, it’s worth asking – and an overdraft from the bank. When you’re comparing student accounts, pick the one with the biggest overdraft – that’s interest-free cash – rather than the juiciest free gift, because it’ll be worth far more over your student career. And always avoid an unauthorised overdraft – when you go into the red without asking the bank – as this comes with expensive fees.
Tips for living on a shoestring
Sure, you get a student discount at Topshop, but that’s not the only way you can save money as soon as you start university. You’ll probably be spending a fair amount on travel – to and from home if you’re living on campus, or to see friends and family – so work out if you’ll make savings with the 16-25 Railcard (full-time students who are over 25 can also be eligible). It costs £30, but comes free with the Santander student bank account. If you prefer travelling by coach, National Express’s £10 student card gives one-third off fares.
For food, try to shop and cook with other students to make the most of multibuy offers, and don’t rely on the supermarket – you might find cheaper food at local markets or pound stores. And always ask about discounts in stores, restaurants, cinemas and more: not everywhere advertises their student deals. You can even get money off online shopping: at Amazon, for example, students get 5% off, but you do need to have the NUS Extra card, which gives access to lots of discounts but costs £12.
