Maximise your income while you’re a student with our top tips on how to generate some much needed extra cash.
You may wish to open a student bank account with an interest-free overdraft. It's important that you check the actual conditions of an overdraft. Some may only be interest-free up to a certain level.
Overdrafts for students are on average £500–£1,000 for the first year, increasing to £1,500 in your final year. Money Saving Expert
gives advice on finding the right student account for you. Be aware that if you don't manage your account, your bank can refuse to extend your overdraft in subsequent academic years and/or remove your overdraft facility.
Most students have to work part-time in order to be able to afford to live. In fact, the government expects that most students will contribute to their own budget by working part-time. Leeds Trinity's Jobshop
can offer help and advice on finding part-time work.
Holiday work is another great way to earn some extra cash. Most places will be able to offer you extra or even full-time hours, especially in call centres or in shops and bars during busy periods. Enquire at your local Jobcentre
if you go home for the holidays on a temporary basis.
Means-tested benefits and tax credits
If you are currently in receipt of means-tested benefits then it's important that you contact your local Jobcentre
when you receive the student finance notification letter from Student Finance England. Means-tested benefits are affected by your student status and income as follows:
- Full-time students are not entitled to claim Jobseeker's Allowance or Carers Allowance.
- Some full-time students, such as lone parents, students in receipt of certain rates of Disability Living Allowance or Personal Independence Payments, can apply to claim income support or means-tested employment support allowance. More often than not, there is no entitlement when the student funding income is taken into account.
- Some full-time students, such as lone parents, students in receipt of certain rates of Disability Living Allowance or Personal Independence Payments, can apply to claim housing benefit, although quite often due to the student funding income taken into account, entitlement is reduced.
- During the summer vacation you should make an application for reassessment of your benefits as student income is not counted during this time.
- Student status itself and most student income don't affect your eligibility for tax credits so if you have children ensure you make a claim for Child Tax Credits. Students may be able to claim Working Tax Credits depending on their circumstances and the number of hours they are working.
Please be advised that the government is currently changing many of its benefits and tax credits. Universal Credit may apply in some regions.
Find out more
Further information and advice on student income and benefits are available from our Student Finance Adviser on +44 (0) 113 283 7173
. Visit GOV.UK for more information Get more information on Council Tax
Follow advice and opportunities on the Leeds Trinity Student Money Advice Facebook group