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Your money in tough times.
Ever wondered where all your money goes?

Going to Uni

Thursday, 19 August 2010

Going to Uni is an exciting time, with lots of new experiences, and maybe the first time you’re in command of your own money. The world is your oyster – so make sure you get the most from your cash.

Student money (England)

Going to university is often the first time you'll be managing your living expenses.

The articles linked to below will help you to understand:

  • the cost of higher education
  • student loans, grants, bursaries and scholarships
  • student accounts and overdrafts
  • day-to-day budgeting as a student, including accommodation, bills, travel and socialising

Getting money
Do you know all the different ways that you can fund your student life? Take time to find out about your options in advance, so you can decide what combination best suits your situation. This may include the following:

  • student loans - available to anyone taking higher education. You pay them back when you are working after you've graduated
  • grants, bursaries and scholarships - available to certain students; you don't generally need to pay these back
  • working part-time
  • help from your parents; this is a conversation you'll need to have with them
  • special financial products available to students from banks - student bank accounts normally have an interest-free overdraft facility you can use as a source of funds

Managing your money
Money can be tight and it's likely to be hard to stick to your budget. Always remember to look out for student discounts. Even if they are not advertised you can always ask. By planning ahead you’ll know what essentials you have to pay for and how much you will have left to spend. It will also help you to borrow responsibly.

Find out more

We've put together a short list of resources you might find useful. This is a cross-section to start you off, but you may want to do some more research. Some of these resources are on other websites, so you need to be aware that that CFEB is not responsible for content you find on these websites.

Users can rate articles with between one and five stars; this is not a CFEB rating. But we have marked the articles 1-3, based on how detailed they are. If you are looking for a very quick introduction, look for level 1; if you are ready to find out more, go for a 3.

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Articles

Moneymadeclear > Money while you study
Step-by-step guide > Money while you study
Directgov – Everything you need to know about student finance
This explains the costs of being a student, and has lots of detail on loans, grants, bursaries, scholarships, awards and benefits. It also has information for part-time students and students with children.
Directgov – A parent’s guide to helping graduates find work
This guide aims to help parents support graduates in their search for work and understand the support available.
UCAS - How to manage your money

Tools and Calculators

UCAS - How to manage your money
UCAS
This calculator helps you to plan your monthly cashflow as a student.
HM Revenue and Customs - Student
Tax Checker
HMRC
Think you've overpaid tax and are due a repayment? You can use this checker to find out.