Having been a student that solely supported myself financially right the way through University, I can relate to other students that have found the whole University experience a real slog,
University is quite a tough experience not only do you have a lot of work and studying to do but the last thing you need is to be lying awake at night worrying about money.

Get a Bank Account

If you are going to be going to University shortly, then getting your finances in order is a priority, the last thing you want to do is start University, pick up your grant cheque and have nowhere to bank it. Unbelievably some people manage to get through the first 20 years or so of their life without a bank account, if that’s you I would suggest getting one in order well in advance before you start.

When you are looking for a bank account don’t just go for one that gives you the best freebie when you sign up, make sure you read through the terms and conditions of the account before you apply; find out how much you will be charged if you go over your overdraft, and if there are any other hidden charges?
I would also see how long the internet free overdraft offer lasts after you have graduated, the last thing you want is a to have graduated, have no job and need to start paying the overdraft back with interest changes.

Credit Card Yes or No?

A credit card can actually be a very useful commodity and it got me out of some sticky situations one or two times while at University. But they are very easy to spend on and if you don’t pay the balance back in full each month you will pay interest on it in some cases up too 30%!

If you think you will be too tempted to spend then I would say you don’t need one you will just get into trouble, instead just try and live within your means.

If you do decide to get a credit card, again read the terms and conditions very thoroughly. Check to see what charges the charges are if you do miss a payment (the easiest way to avoid missing a payment is setup a standing order with your bank to pay the minimum amount off each month)

Something some credit card companies are doing now is making the minimum amount you can pay off each month less than it used to be. If you think this is because they are being nice it’s not it’s because ……

Get a Job

I always had a part-time job right the way through my University career.
In your 1st and 2nd year there is no reason why you wouldn’t work part-time, if you attend all your lectures and do your work on time you can easily fit in a job as well. By the time you reach 3rd and 4th year you may want to reconsider this as the workload increases.

As your time is precious you will want a part-time job that pays the most money for the least time worked. And being a waiter is one of the most profitable part-time jobs; they all pay minimum wage and tips on top. If you are applying to be a waiter one thing I would find out is how are the tips split? I always worked in restaurants where you kept your own tips, which I think is fairest and it makes you work harder. If you find a busy restaurant on a good night you can easily make £10 – £15 per hour and generally the people you work with can be a good laugh as well.

But remember a part-time job is always a means to an end. Your University career come first, don’t be sucked into working more hours when they are short staffed, or you will end up taking on too much and something will give!

Loans

Student Loans
At the time of writing this the maximum non means tested student loan is £3,495 per year if you live at home, £4,510 if you live away from home and £6,315 if you live in London away from home.
Loans are only repaid once you have graduated and start earning over £15’000 per year. Interest is currently charged at the rate of inflation from the time the loan is paid, but there is talk of this changing.

But the key thing to note is LOANS DO NEED TO BE REPAID. If you take out the full loan each year for 4 years you are looking at over £13’000 of debt when you graduate, once you get a job that will be a small chunk out of your wages each month for a long time. I would seriously consider whether you can get away with a smaller loan you.

Emergency Loans
If you are in dire straights and seriously need a loan fast most University finance offices will lend out small amounts usually around £100 – £200 if you really need it. The money will be lent interest free and you will agree a set time to repay it. If you don’t bother to repay it then they probably won’t let you graduate so be nice and pay it back on time.

Grants

If you are a student from a lower income household you can apply for a maintenance grant of up to £2,765 per year, this does not have to be paid back. At present the Department of Education and Skill (DfES) estimate that around half of all students are eligible for at least part of this grant.

Other types of Grants
Grants are not just limited to government funded grants, many businesses and trusts also give grants that don’t need to be paid back to students in exception circumstances.

Most University libraries have a Grant Directory in their reference section. There are literally 1000’s of different organisations in the UK that award grants to individual students if you meet their requirements, so it is definitely worth investigating. Grants come in different shapes and sizes (they will generally range from £50 to £2000) and are open to anyone that fits their requirement. They grants are normally distributed in cycles and will have cut-off points whereby they won’t accept any more applications for that year, so get in early is the key.

http://www.carnegieuktrust.org.uk

Bursaries

Universities also offer bursaries and scholarships to students. Generally they will range from £300 to £3000 but this will vary from Uni to Uni. Bursaries do not need to be paid back, you will find more information on bursaries at www.direct.gov.uk/bursarymap

To be eligible to apply for a bursary you will need to tick the ‘bursary consent’ section on the student finance application form this allows your details to be shared with your University when they make their bursary allocations.