Essential Financial Tips for Students in the UK

If you are currently a student attending university, you probably need to save all the money you can. In this article you will find a number of helpful tips for saving a significant amount of money to make your time as a student more comfortable. Most young people in college don’t even realize how many different ways there are to cut down on expenses. These tips can make your life a lot more manageable overall until you graduate and find a job.

Tuition Fee Loans

There are loans that you can apply for with the government to get part of or even all of your tuition taken care of. Not everyone is eligible for these loans, but they are definitely still worth looking into. Those who live in Wales, Scotland or Northern Ireland could get their tuition costs covered by the government. If you are studying at a university that is privately funded, this is a great way to reduce the amount you spend on your education as a whole.

Maintenance Loans

You can also apply for maintenance loans, which will help you with the cost of living while you are a student. If you are living at home, you can get up to £7,000 in financial assistance. If you are not living at home outside of London, you could get nearly £8,500. The amount of assistance that you receive depends on your specific situation. These loans can really help with cutting costs during your time at university.

Postgraduate Students

If you are going for your master’s degree and are under the age of 60, you could get as much as £10,600 in financial assistance for the cost of tuition and living expenses. You will have to pay back the money, but not until you are making at least £21,000 annually.

Scottish Students

If you are a resident of Scotland and studying in this country, you can get up to £7,625 in financial assistance in the form of a loan. The amount that you receive will depend on your household income, so you need to keep that in mind. If you earn £34,000 or more, you can get up to £4,750. There is also a grant for living expenses that is available for single parents who have dependents. The disabled student’s allowance offers financial help for those who have a diagnosed learning disability of some kind.

Welsh Students

If you are a Welsh university student, you won’t have to begin repaying your student loans until you are making at least £25,000 annually after graduation. There are numerous loans and grants available to these students, and it’s highly recommended that you apply for them. Chances are you will be able to get some level of financial assistance to help cover at least part of your expenses. Welsh students who are living with their parents can get up to £6,650 in financial assistance, depending on household income.

Northern Ireland

If you are studying at university in Northern Ireland, there are two main forms of financial help you can apply for. The first is the Maintenance Grant, which helps with daily living expenses. There is also the Special Support Grant, which can help cover your tuition costs up to £3,400.

You will be able to apply for these grants when you apply for normal student loans. There is no guarantee that you will get approved, but it is certainly worth trying. Thousands of students in Northern Ireland get these loans and grants each year.

Create a Budget for Yourself

Every student should establish a budget for themselves. Take the time to write down every single recurring expense you have on paper. By doing this you will know how much you can spend each month and maybe even find ways to save money.

This is an important part of being a fiscally responsible adult, and it will serve you well for the rest of your life. Those who do not have a budget that they stick by usually end up in debt very quickly. If you want to remain financially free, you absolutely need to do this. Make sure to update your budget as your expenses change.

Final Thoughts

Being a student usually means having to stretch every dollar as far as it will go. This information can help you stay on track financially while forming good habits that will carry on long after graduation. There are most likely a lot of different approaches you can take to minimize your expenses while you are attending school. The more creative you are with your approach, the more money you will save. Despite what you may have been told by others, you don’t have to be dirt poor until you find your first real job after finishing school.

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