Loans and Grants

• The maintenance loan and maintenance grant are paid in three instalments for UK full-time undergraduate students - when you have started your course, after the winter break and after the Easter break. Take this into account when you are working out your budget
• The first instalment of your loan and grant will not be paid until you have registered onto your course in the first week of the academic year. This usually means that you will not receive the first instalment until the end of the first week (fresher's week) so make sure you bring some money with you
• If you receive a low amount of funding due to your parents income being high, the government is expecting that your parents will make a contribution to your income. Discuss with your parents when and how you will receive this contribution e.g. weekly, monthly or in a lump sum, or if they will pay your rent directly to the institution / landlord and / or have weekly food shops ordered and delivered for you and / or buy your required course books for you etc
• If your parents' income drops by 15% or more, you can apply to have your student loan entitlement reassessed
• A common student finance myth is that “I am a mature / independent student because I am 21”.Entitlement to student funding (all of the maintenance grant and part of the maintenance loan) will be assessed on your parents’ income until you are 25, not 21. There are some exceptions to this, for example if you have a child, if your parents are deceased or you are in the care of your Local Authority, or if you have been financially supporting yourself for three full years before the start of the course. There are some other exceptions.
• In addition to the maintenance grant and maintenance loan, if you have dependents you may be entitled to some additional grants and / or a Special Support Grant from Student Finance England (or similar if you are from Northern Ireland, Scotland or Wales)

Minimising Expenditure

• Don’t rush out and buy every book on your course list. Many may not be essential and you may be able to get some of them second hand. Log on to student books for cheap books or shop around for the cheapest (E.g. at Amazon)
• If you have to pay for healthcare costs (glasses, prescriptions etc.) make sure you complete a HC1 form first to see if you are eligible for any financial assistance from the NHS. Forms are available from your doctor and the Student Support Centre at Leeds Trinity
• Make sure you get all possible student discounts for travel, shopping and your social life. Look at the National Union of Students website for further information
• Get contents insurance - students are prime targets for burglaries and replacing all your stuff will work out more expensive than a few pounds a month contents insurance. Visit Endsleigh for cheap insurance for students
• Get a TV Licence - a TV Licence costs £145.50 yearly and the payments can be spread. You could face a fine of up to £1,000 from a magistrates court for not possessing a TV Licence). You will need your own TV Licence in Halls of Residence!! Visit TV Licensing for more information
• Get a young persons rail card (if you are under 25) and save up to a third on most rail travel. Visit young persons railcard for more information

Banks and credit

• Open a student account and get an interest free overdraft and other deals (cash back, free rail cards etc). Visit MoneySavingExpert for a guide on student bank accounts
• Set up on-line banking so you can keep track of your finances on a daily basis (but ensure you have a secure internet line and connection)
• Set up a direct debit for any regular monthly payments (e.g mobile phone bill)
• Avoid using credit cards if possible - they are not free money!! You do have to pay back what you spend and it's often minimum payments that eat up a lot of your income. If your bank offers you a credit card with your student account then take it but only use it for emergencies
• Avoid store cards at all costs - you will be paying for the item long after it has gone out of fashion or a newer version has been released

Budgeting

Make a list of your regular monthly payments and the dates they come out of your bank or the date you must make a payment. Try and arrange your regular payments so that they all come out on the same day (preferably around the time that you get paid from your part-time work). This way you will get used to ensuring there is enough money in your account to pay all regular payments

• Once you have worked out how much income you have and how much your necessary expenditure is (rent, food, bills travel...) then what is left is your disposable income - money you can spend on yourself. It's a good idea to save a small amount each week or month to cover unforeseen emergency costs
• Try and stick to your weekly budget. Withdraw the money you need for the week and try to avoid making small cash machine withdrawals – these mount up very quickly!
• Test your budget. Keep a record of what you spend. After a week/month you can then check your outgoings and see how accurate your expenditure predictions have been

Maximising Income

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