Thinking about Money
One of the major concerns students have when starting their HE course is money. There are lots of additional things students need to budget for and they may also find that they need to get a part-time job. If they are getting a student loan, then a large sum of money (perhaps more than they have ever had before) will land in their bank account and they need to make sure they make this last until their next installment is due. With all this in mind it’s really important to make sure students are prepared with the challenges ahead and are armed with tools and information to help them manage their money well.
Here are a few things they need to think about before starting their course:
- Bank account – they need to set up a suitable bank account for their student loan, or other financial support they are receiving to go into.
- Money in and money out – they need to think about what their in-comings and outgoings are likely to be and look into how a weekly budget could be set.
- Part- time work – they can start looking and even applying for part-time work before they start their course.
- Support from their HEI – they should find out what support can be accessed around budgeting and managing money.
Additional Financial Support
It is always worth investigating what financial support an HEI can offer. Some of the financial support available does not have to be paid back. They often have scholarships or bursaries available for students who come from lower income backgrounds, care leavers, or they may award money for particular academic achievement. Often students will need to apply for this money in addition to any loans they will be receiving. Encourage learners to research the support available before they begin HE.
You can view a list of what’s available through the Scholarship Hub website here.
Parent's Learning Allowance, Childcare Grant, Adult Dependents Grant & Disabled Students Allowances are all examples of additional funding available for students with specific needs. You can find out more information about all of this support on the Gov.uk website below:
For more information about student fiance, including how to apply see our Money Matters section of the website.