It's important to remember that students usually have a low income. The first student finance instalment may seem like a small fortune, but don't forget it's got to last you until the next instalment which will be more than three months away.
Leeds Trinity's useful money tips will help you plan and budget for student life. Find out more about managing your money, sources of income etc. This advice is applicable to UK full-time undergraduate students only.
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 as 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 myFuture can offer help and advice on finding part-time work.
Universal Credit and Benefits
Most full-time students are not eligible to claim any welfare benefits from the Government. Full-time students who are lone parents, or who are receiving Personal Independent Payments (and are classed as being unable to work), fall into categories of students who can apply for Universal Credit. Some of your student income (and other income) will count in the assessment.
If you are currently in receipt of any benefits, then it's important that you contact the relevant benefits agency to advise them that you are becoming a student and inform them of your student finance income.
As a student, you may be exempt from paying Council Tax.
- All full-time UK, EU and international students are usually exempt from paying Council Tax.
- Part-time students are not exempt from paying Council Tax.
- If you live in a house with, for example, five students and two non-students, the two non-students would be eligible for the full Council Tax bill.
- If you live with your partner (who is not a full-time student) and there are no other adults in the property, then your partner (provided they themselves are not exempt from Council Tax) would be liable for the Council Tax bill but would receive a 25% single person discount on the bill (as there is only one person liable for Council Tax in the property as you are a full-time student).
- There are exceptions to this rule, for example, if you rent out a property or have two homes.
For more information visit the Council Tax information pages for students on the UK Government website.
Also see their general information about Council Tax.
Local Leeds, Bradford or Wakefield councils
Leeds Trinity will automatically inform your council that you're a student if you live in the local area of Leeds, Bradford or Wakefield, after you've been fully registered on your course.
If you live in other areas, you will be able to get a council tax exemption letter from Leeds Trinity once you've registered on your course, to provide to your local council.