National Insurance and Why Student Finance Needs Your Number

 

To be eligible for various benefits provided by the government, most workers in the UK must pay National Insurance Contributions. Eligibility for some of these benefits can depend on the level of a person's contribution record, so even if you're not working (through choice, unemployment, or sickness), it may be important to keep paying or keep your record up to date.

Most people are automatically sent a National Insurance number shortly before their 16th birthday, but you may need to apply for one if you don't have one. The number stays personal to you for life, and is used by employers to pay your NI contributions, when applying for welfare benefits or a pension, for some personal financial matters and when registering to vote, among other things. Many people will have been issued with a plastic card (like a credit card) with their number on, as pictured.

Yes, that really is our National Insurance card! 🐝

National Insurance cards like ours are no longer issued. If you have an older card, your National Insurance number itself remains the same and normally stays with you for life.

To find out more about:

•  National Insurance generally

•  How to apply for a National Insurance Number (NINO) if you don't already have one

•  How to find a previously issued number if you've lost track of it

...head to gov.uk's National Insurance guidance.

 

Q: So why does Student Finance need your National Insurance Number and why will they refuse to release your loan if you don't provide one?

A: Your National Insurance number helps Student Finance verify your identity and is used to link your student finance record with information held by other government departments. It is also important for administering student loan repayments.

When repayment of student loans became dependent on a graduate's earnings after leaving their course, the government needed a way to recover the loans from students' income. Rather than reinvent the wheel, it used the already-existing system that HM Revenue and Customs (HMRC) uses to collect income tax from employees. Because student loan repayments are income-contingent, and HMRC is the organisation used to collect them, it's often said that repaying a student loan is a bit like being taxed as a graduate.

Previous full-time students who borrowed loans from Student Finance become liable to start repaying it in the April after leaving their course, once their income is over the applicable repayment threshold for their student loan plan.

Your student loan repayment is separate from your National Insurance contributions. If you're employed, your employer uses the PAYE system to calculate any student loan repayment due from your salary. The repayment is based on your income and the threshold that applies to your particular student loan plan. HMRC collects the payment and passes the relevant information to the Student Loans Company so your repayment record can be updated. You can check your own repayment record via your online account.

Student Finance may not release your student loan payments until the required information has been provided to allow the loan to be recovered later, including your National Insurance number. That's a prudent approach because students can withdraw from a course at any point, so their liability to start repaying isn't always years in the future.

As with any student finance matter, the detail is more complex than this summary. Different rules apply for certain courses, and for those who are self-employed or living overseas after leaving their course. Seek advice if your are unable to resolve a NI matter yourself.

If you want to read more detailed information about repaying student loans, gov.uk's repaying your student loan guide is kept up to date and covers England and Wales.

What if Student Finance says my National Insurance number is wrong?

If you've checked that you've entered the number correctly, but Student Finance still says there's a problem, you'll need to contact Student Finance England rather than applying for another number

See Gov.UK – Find my National Insurance Number

What if I can't find my National Insurance number?

See Gov.UK – Find my National Insurance Number

What if I don’t have a National Insurance Number?

See Gov.UK – Apply for a National Insurance Number 

Freshers: What if I am not settling in and want to leave?

Withdrawing From University — Know Your Rights

Moving to university is a big step, and the transition isn't always plain sailing.

Most Higher Education students are school or college leavers, many leaving home for the first time. But plenty of others are arriving from overseas for the first time, stepping back from paid employment to start or return to studying, or moving from welfare benefits to student finance as their main income.

Whatever the change in circumstances, the wobble usually settles and a new routine takes over. But what if you just don't like it?! Not a settling-in wobble, but a genuine sense that the course, the university, the people, or the town aren't for you and you want to leave, or as it's commonly known in Higher Education, withdraw.

If you've taken out student loans to pay for the course, you likely have a narrow window to withdraw without becoming liable for the first quarter's tuition fees. You may also be tied into your accommodation contract regardless.

Where the rules can be found

Your university will set out your rights on withdrawal in its Student and General Regulations , it might be covered in a Tuition Fee Policy, think of these as the university's terms and conditions. You should always know where to find these on your institution's website and it may take some searching to find them!

For example:

• University of Warwick — full-time undergraduates who withdraw within the first two weeks of the academic teaching year (Welcome Week doesn't count) won't be liable for any tuition fees that year. Withdraw later, and fees are charged in bands by term attended: 25% for term 1, 50% for term 2, 100% for term 3.
• University of Glasgow — works on a different model entirely: there's no fee-free window. Withdraw within 13 weeks of the start of your semester and 60% of the annual fee is due; after that, it's 100%.

So as you can see, the rules aren't just different in length from institution to institution — they can be structured completely differently. One university might give you a short fee-free grace period; another might never waive fees entirely, just reduce the proportion owed depending on when you leave.

A note on who this applies to: the examples above are for full-time, home undergraduates. The rules will very likely be different for postgraduates (Warwick, for instance, calculates postgraduate fee liability by month of registration rather than a flat window), for overseas/international students, and for part-time students. Don't assume your circumstances match the examples here. The bottom line is that you need to find and understand your own fee policy, not rely on a general example.

Beaware, the rules may also differ for accommodation contracts, which vary depending on your provider.

So, be wise

• Check your university's regulations and your accommodation contract to understand your consumer rights.
• Seek advice, especially if the situation is complex or feels unfair.
• Know where to find your university's complaints procedure before you need it.

For information on how The Office for Students (OfS) and the Competitions & Markets Authority (CMA) protect your comsumer rights ~ click here

Should I Work Alongside My Studies?

 

Guest Blog Interview with Oliver Bell (final year student at Heriot Watt University)

Oliver Bell (22 at time of writing), graduate of Heriot Watt University, talks to Levitate Student about his experience of working alongside his course.

Levitator - What are your thoughts on the importance of working alongside your course?

Oliver - Whether you have had a job prior to university or not it is of vital importance to continue or start working while at university. As well as building lots of transferable skills that your future employers will look for once you complete your degree. Also it is a great way to meet new people, especially if you are living away from home.

Ideally it is best to find a job that suits your schedule, having a job at university that takes up too much of your time will hinder both your social and academic components of your time at university. It is good to look at what the university has to offer internally. Jobs such as being a student ambassador rarely require any prior work experience and usually pay above minimum wage level. Shifts will not be regular but it’s a good way to fund some of those nights’ outs during term time.  

Levitator - Did the tutors guide against working? Or did they make suggestions about a max number of hours? In my experience tutor recommend no more than 16 hours per week - what do you think to those guidelines?

Oliver - I think it is advised at Heriot Watt, as it is more of a modern institution, that it is best to have a balanced university lifestyle. It does not have to be paid work as there are roles in societies

Levitator - Did you find work yourself or did you get help from others, did the university offer a jobs service to help students find work - did you or anyone you know use it?

Oliver - Yes they do. They have their own jobsite search area and a careers service which I have attended but I did not find any jobs I was interested in that way, I found my own opportunities.

Levitator - Are there any opportunities, that you were aware of, to work for the university - as a student ambassador for example?

Oliver - Yes there is, there are student ambassadors and everyone gets an email in their class school about the opportunities. There are also class reps. Also within societies as a coordinator this is also a paid opportunity.

Levitator - Did you work in holidays or alongside your course or both? Were your hours fixed or was it flexible.

Oliver - I have done all of them, and a mixture of the two. My hours have been flexible for many student ambassador roles. But had a fixed role working weekends in one of my semesters

Levitator - Did you feel you had to work in order to afford to be a student or chose to in order to make it more manageable or to simply build up your funds?

Oliver - I think it is important to manage your funds which puts less pressure on having to work. But it is good to have a break from studying and actually be in a workplace....even if it is just a café. Plus, adding to your funds is always a bonus!

Levitator - Did you choose to work to build up experience for your CV?

Oliver - The student ambassador roles were more to build up experience on my CV displaying more of an individual role, where many of the ideas are my own and building a team that I would work alongside. But as well as this working in café’s and other high street and more ‘typical’ student jobs are just as important in terms of the transferable skills that you can develop.

Levitator - what were the advantages/disadvantages of working alongside your studies?

Oliver - When working weekends, I found that there was pressure to do a lot of my studying and coursework during the week, as after getting in from an 8-hour shift there just is not the motivation left to then sit down and do some studying.

It is good for the networking side and meeting more people, and developing different circles of friends.

As long as you use a diary it should be good to plan a Zero-Hour Contract around your social and study activities. Just be organised and plan ahead

Levitator - Did you have any problems with understanding your tax/payslip - did you get any help with these matters if so who?

Oliver - Nope it was all fine, but I did ask my parents advice on a few matters (cannot remember them at the moment) But maybe that is just me. I’m sure your bank or student services at the university would be able to help with this.

Oliver concludes - My advice to all students no matter what year, it is really important to be proactive outside of your studies. University is an experience not just an education. Join societies do things that you are interested in and do not be afraid to do something different. But also remember it is usually never too late to participate in a lot different things. For example, missing football trials, contact someone at the club and see if you can attend training or a 7-a-side session. If you do not like it then that is perfectly normal - go and try something else!

There are so many opportunities that university life brings so do not miss out.

Levitate Student says: Working Alongside Your Studies

Levitate Student: Should I Work Alongside My Studies?

 

Working Alongside Your Studies

A part-time job can take the edge off student budgeting, but it works best when it fits around your course, not against it. Transferring from an employer in your hometown if you have a job already to the same employer in your university town can be a good option. Here's where to start, and what to check before you take anything new on.

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Start at your university's Jobshop

Most universities run a Jobshop or Student Employment Service with a jobs listings board (sometimes with an app) of part-time and casual work vetted specifically for students, often on campus or nearby. These roles tend to understand term dates, exam periods, and last-minute assignment crunches better than an external employer will.

• Search "[your university name] jobshop" or check your  Student Hub or Careers Service homepage
• Roles often include campus catering, library assistant work, open day ambassadors, working with widening participation teams and retail/hospitality shifts with local partner employers

Working university events

Many universities also hire students directly for Open Days, Graduation, Clearing, and Welcome Week, usually through the same Jobshop or via the Student Ambassador scheme. These are often well-paid for the hours, close to campus, often flexible and look good on a CV. Sign-up windows can be short and demand high, so it's worth registering interest with your the Service early in the year rather than waiting for an advert.

How many hours should you actually work?

There's no single official cap for home/UK students but most university guidance and independent bodies (e.g. MoneyHelper, StepChange) suggest keeping paid work to around 15/16 hours a week during term time as a sensible upper limit for fuul-time undergraduates scaling down further around assessment periods. Treat this as a guide, not a rule, your own workload, course intensity, and placement requirements matter more than a generic number. Speak to your personal tutor or Student Support Service if you're not sure you're getting the balance right.

International students: visa restrictions are different and this is a hard limit

If you're studying on a Student visa, the number of hours you can work is set out in your visa conditions, not left to your personal judgement and it's a legal limit, not advice or a guide:

• Typically 20 hours per week during term time for degree-level study (lower for below-degree-level study), full-time allowed during vacation periods
• Combined hours across more than one job count towards this limit
• Certain types of work (self-employment, professional sport, permanent roles) are not permitted at all
• Seek specialist advice if you are unsure about the rules, from university’s dedicated international Student Support or visa advice team and make sure the adviser is trained to provide advice to International Students.

Because these conditions can change with immigration policy, and the exact wording on individual visas varies, always check your own BRP/visa share code and confirm current rules with your university's International Student Support team and UKCISA the definitive independent source, rather than relying on a figure from a blog post, including this one!!

Getting to and from shifts safely

Evening and early-morning shifts mean thinking about the journey, not just the job:

• Check whether your university or students' union runs a Get Home Safe / SafeZone scheme, campus security escort, or subsidised late-night transport
• Share your shift pattern and route with a housemate or friend, and agree a check-in
• Suzy Lamplugh Trust has practical, non-alarmist guidance on personal safety for lone workers and commuters

Know your rights: contracts, pay, and minimum wage

Whatever the role, you're entitled to the same core protections as any other worker:

• National Minimum Wage / National Living Wage  ~ rates are reviewed annually, so check the current figures for your age band on Gov.uk — National Minimum Wage rates 
• You should be given a written statement of employment particulars (a contract or equivalent) see Gov.uk — employment contracts for what this should cover
• If something feels off like unpaid trial shifts, cash-in-hand with no paperwork, hours that don't match your visa conditions consider ACAS which gives free, independent advice on workplace rights and disputes

When the Money Doesn't Arrive in Time - Masters Courses at Open University

A Funding Gap Worth Questioning

If you're studying a Master's with the Open University, your postgraduate loan may not arrive at the same time as the university's payment deadlines. This can create a cash-flow problem even when you are entitled to funding. Here's what you need to know and where to get help.

The funding gap itself

Open University master's students face a timing problem that's well known on student forums but rarely discussed openly: the OU requires payment for each module upfront, before it starts, while the Postgraduate Master's Loan only pays out after study has begun, confirmed only once you're actively studying (logging in, completing module activities, or submitting your first assignment), and paid in instalments rather than as a lump sum.

The OU's own workaround is OUSBA (Open University Student Budget Account), a short-term payment plan that lets students start a module without the full fee upfront, bridging the gap until loan payments land.

 

Who does this actually affect?

It's worth asking who this lands on hardest. The OU's student body is markedly skewed towards women around two-thirds of its students overall and the OU's own support structures reflect why: a dedicated Carers' Scholarships Fund, a Carers' Bursary, and formal recognition of thousands of students with caring responsibilities. Distance learning is disproportionately chosen by people balancing study with caring, a group that, nationally we believe remains disproportionately female.

⚠ What the data doesn't show: we don't have a gender breakdown specific to OU postgraduate master's students. The two-thirds figure covers the whole student body, undergraduate included, so it's suggestive rather than conclusive for this specific funding gap. Whether this timing mismatch disproportionately disadvantages women, in the way the Equality Act 2010 defines indirect discrimination, isn't something published data alone can establish that would need OU's own breakdown of who's affected, and a proper equality assessment.

 

What we can fairly say

What we can say is that the question is a fair one to ask at least. A late-night chat on X with a heartbroken prospective student unable to bridge the gap between payment schedule and funding timetable, got us mulling on the issue. The groundwork for exploring who it is that predominately studies this way and why is already there in the OU's own published figures showing 67/33 gender split female/male across all course levels and their own recognition of carers as a distinct student group.

If you think this affects you unfairly, OU's Equality, Diversity and Inclusion team and your students advice service are the right first stop, and the Equality Advisory Support Service can advise more generally on Equality Act questions.

Sources: Times Higher Education (OU World University Rankings data); Open University carer support pages.

Student Accommodation: What Does It Really Cost?

Freshers accommodation video - from Levitate Student Archive

Two students discuss their experience of living on campus and in private rented accommodation as a first year student

🐝 From the Levitate archive

This video was originally made in 2016. Some costs, rules and services have changed since then, but we thought the experiences and practical advice were worth bringing back. (Figures quoted were correct at the time, read guidance below how to research current costs).

What Does Student Accommodation Actually Cost?

Rent is usually the single biggest item in a student's budget, often bigger than tuition itself, in terms of what actually leaves your bank account each month. But “how much is student accommodation” doesn't have one answer. It depends heavily on what kind of place you live in and where in the UK you're studying.

It varies a lot by accommodation type

•     University halls of residence tend to be the simplest to budget for. Rent is usually one weekly figure that already includes bills, energy, water, often WiFi and contracts typically run 40–44 weeks, so you're not paying for the summer months you're not there.

•     Private purpose-built student accommodation (PBSA)  the newer blocks run by private companies rather than the university often comes with extras like gyms or on-site security, and the price reflects that. Contracts here can run closer to 51 weeks, so you may be paying rent over summer whether you're living there or not.

•     Private shared houses, rented from a landlord or letting agent, are usually the cheapest option on paper. You take on more responsibility often sorting your own bills, dealing with a landlord, splitting costs with housemates but many students find it more affordable, especially from second year on.

It varies a lot by location

London is consistently the most expensive place to be a student, which is part of why the maintenance loan is higher there. Cities in the North of England and Northern Ireland tend to sit at the cheaper end. Scotland is its own case: Scottish-domiciled students studying in Scotland pay no tuition fees, which can offset higher local rents in cities like Edinburgh or Glasgow. The gap between the cheapest and priciest university towns can run to several hundred pounds a month for a broadly similar room, so it's worth checking your specific city rather than relying on a UK-wide average.

What else moves the final bill

•     Contract length ~ the same weekly rent can cost thousands more over 51 weeks than 38.

•     What's included ~ bills, WiFi, and contents insurance may or may not be bundled in.

•     Deposits and admin fees ~ private lets often ask for four to six weeks' rent upfront.

Check current costs for your own situation

National averages are a useful starting point, but rents shift year to year and vary street by street. Before committing to anything, check current, local costs with:

•     Your university's accommodation or student advice service

•     Accommodation providers directly, for current rent, contract length, and what's included

•     Specialist student accommodation organisations, such as Unipol, which accredits private student housing and publishes independent accommodation cost research

Doing this legwork before signing anything is the best way to make sure your budget and your student loan actually stretch to cover where you'll be living.

Sources: Save the Student National Student Accommodation Survey 2026; NatWest Student Living Index 2025; Unipol/HEPI Accommodation Costs Survey.

Levitate Student: Starting Uni Video for Freshers

Clearing 2026 ~ Six Money Tips every student should know

 

Six Money B's for Clearing 2026 

In Clearing now?

Don't feel pressured to make a decision simply because everything is happening quickly. Before accepting a place, check the course, university regulations, accommodation contract and how your student finance will work.

Six Money B's

Be Wise – Understand what Clearing is all about

Clearing is a very exciting period in the academic calendar. Exam results can throw a sudden change of plan into the mix, and a bit of quick thinking is required.

Clearing 2026 opened on 2 July and runs right through to 19 October — so if you're reading this on or around A-level results day (13 August), you're in the busiest window, but there's no need to panic: places are being filled right up until October.

Yet so many students just hope it won't happen and don't want to think about it. It's really important to consider what you'd do if results day means a change of plan. It's not failing — it's just shifting stance, and that's fine.

Sometimes between picking courses and results day you've changed your mind anyway about your choices, or perhaps the institution has changed its mind about you — for better or worse. You may have received offers from universities but no longer want to accept them and want to look elsewhere — that's what Clearing is for.

It's okay — it's exciting, but it's good to have thought about where else you might want to study, thought about the financial impact, and planned for those changes.

Clearing might turn out to be the best day ever when you look back — so embrace it.

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Be Prepared – the early bird catches the worm

Hopefully once you've learnt how Clearing and Adjustment work, you'll have a plan in mind for results day.

Universities plan their own strategies well in advance and have an army of staff on hand to deal with enquiries, help with new offers, and hopefully win your custom.

Universities are eager to fill their courses, so as the day goes by, fewer places remain in the Clearing pool. It makes sense to act as swiftly as possible, though make sure you're comfortable with your decision. Planning ahead will help your swift response not turn into a panic.

You can browse live Clearing vacancies on the UCAS Clearing search tool from early July — you don't need to be in Clearing yourself to look, so it's worth having a shortlist ready before results land.

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Be an Empowered Consumer

Remember, you are a customer of the universities. On results day, unless a university is fortunate enough to have filled all its courses, staff will be waiting and hoping for your call.

Universities open their Clearing lines early and keep them running until they've filled all the spaces they possibly can. It's a stressful time for university staff dealing with all the enquiries and changes of circumstance that results day brings. Staff usually offer a responsive service to win your custom, so don't phone the helpline thinking they're doing you a favour. This works both ways — they want you just as much as you want them, and they're likely to be flexible on entry requirements.

As a potential customer of the university, check out their terms and conditions — usually found on the website, for example under:

Student Regulations / University Regulations / General Regulations

These may be dull, but they're important to know, as institutions will follow these rules when dealing with their students.

Also see if your university has a Student Charter or other form of customer service agreement, and get to know what support services it offers, such as wellbeing, advice, careers, and help for disabled students.

Understand your consumer rights by reading the Competition and Markets Authority's current guidance for undergraduates: CMA — Higher education consumer law advice for providers (this replaced the CMA's original 2015 guidance, which was withdrawn and updated in May 2023).

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Be on Top – keep your funder informed of any change of circumstance

This seems obvious, but when you're busy, it's easy to forget. If you change university, course, or personal circumstances, then your funder needs to know:

• Student Finance England
• Student Awards Agency Scotland (SAAS)
• Student Finance Wales
• Student Finance NI

Keeping your funder updated as soon as anything changes helps avoid delays to your loan or grant payments landing on time.

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Be Informed – check out your universities of choice on the Office for Students

(Note: this section previously pointed to OFFA — the Office for Fair Access — which closed in 2018. Its role was taken over by the Office for Students.)

The Office for Students (OfS) now regulates how universities in England work to widen access to higher education. Each institution submits an Access and Participation Plan, setting out how it supports students from under-represented backgrounds — including, in many cases, details of extra financial help you may be eligible for.

You can search current Access and Participation Plans on the OfS website for any university you're considering through Clearing — it's worth a look, as some plans include bursaries or hardship funding you might not otherwise hear about.

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Be Flexible on Accommodation

Changing university in August can mean your accommodation plans have to change too. Not all universities will have accommodation for all their first-year students, and those accepting a place through Clearing may find this an additional challenge.

Again, universities are used to this process happening year on year and will provide guidance. You may have to consider Private Rented accommodation instead of Halls, or start looking for a place at short notice. Remember it won't just be you — the university may put you in touch with other students in the same situation, or have lists of private rented accommodation providers or shared houses with a room available. Prospective students also often use social media to find others to share with, so be ready to respond to these options.

Signing your accommodation contract may seem like a big commitment — and it is. Whether the accommodation provider is a university, private halls, a landlord's agent, or a private landlord, you'll be signing a legally binding tenancy agreement, usually requiring both the student and a guarantor to sign.

Know what you're signing for: the number of weeks (these vary widely — 42, 44, 52 weeks, for example), the deposit, any admin fees, what's included in the rent, how many instalments and when they're paid, and the rules for terminating the contract.

Note that for halls of residence, instalments may not be equal — some institutions front-load the plan so you pay more in the first term. This can be tough to budget for, but it's best to be prepared.

If you're looking at private accommodation, many universities offer services to check the tenancy agreement before you sign — worth doing to be safe.

You do not have to go into halls, and if you choose private rented, understand your rights fully:

• Shelter — student housing advice
• Unipol

Also learn about Tenancy Deposit Protection schemes.

Remember, if you choose to live at home, consider how you'll contribute to household bills from your student finance.

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Updated for the 2026 Clearing cycle (Clearing runs 2 July – 19 October 2026; A-level results day is 13 August 2026). Original six B's first published August 2016.

#Freshers - From a Parent to Parents 2024

From a parent of two children in Higher Education and this post covers personal thoughts and experiences about my kid's move to university alongside those of friends and some general guidance from Levitate Student.

Tears, Fears and the Empty Nest

I did cry - no point pretending but I think timing is everything on this one. Its not okay to be weeping and wailing while gripping onto your student's leg when they are at the fresher Meet and Greet! That wouldn't be pretty.

When my first child left I thought I would be bereft, like me a chatterbox. the very notion of our home without them was unbearable. The night before the big move we cuddled and sniveled, I made us watch a film we'd always promised to watch together (probably a mistake in hindsight....). On the day of the move we all coped really well. During the drive back home my partner who had been all composed till then sobbed his eyes out and the siblings quietly shed a tear. Its a big change for everyone.

The university were brilliant and the student was occupied with activities from day one. Second year students were like a crack team ensuring the newbies settled in. All was well and the promise of regular Skyping and daily texting soon went unfulfilled and do you know what? - it was okay.

When my second child moved it was the same, but worse knowing that this time the nest would be empty. More well timed tears, more promises, but this time my expectations were better managed.

I noticed actually, that the nest wasn't in fact empty but there was my partner with whom quality time had been so scarce for the past twenty years. There was actually space on the sofa next to them and chance to start and finish a conversation without diversion - wow!! I quite liked that, bonus!

Levitate Student says - Its worth remembering that Unis don't really want parents on phone fretting about Jenny or Johnny. If that happens you will probably be met with a word about confidentiality and a suggestion to signpost the student to speak to someone themselves. It is important for students to find their feet, establish some independence and be resourceful enough to find support from the university services if needed. In addition the universities have a duty of care to safeguard their students so they don't give information out over the phone to unverified people readily. Obviously sometimes you may need to contact the university but its worth understanding how the institution may respond and that they do so with the best interests of the student at heart.


"Home" and "Home Home"

I absolutely hated it when my students referred to their uni accommodation as home! It sort of stings a little does that. That said they call home - "home home" so the real thing which is comforting. Calling the uni accommodation home also suggest they are settled enough there and feel safe - so I suppose it's okay (grr!!).

When they are struggling they can seem a long way away, down the end of a phone, but with all the ways to keep in touch these days it's not so bad.

Resist the temptation to "like" every Facebook picture they post, trust me it doesn't go down well!

The bottom drawer


Preparing can feel a bit like a bride buying bits and bobs for her bottom drawer ready to leave home on her big day. Try not too get carried away, there are things we bought our students that remained in their boxes (iron, half the crockery, some towels bed linen etc). Definitely wait till you know where they will be living. I found scanning the room in Halls to work out how best to maximise the space helped and provided storage boxes that would slot in. Unless the uni is in the middle of nowhere then there is likely to be a Wilko, Dunelm, Matalan, Ikea etc for all the required stuff.

Don't completely dismantle the students bedroom at "home home", its good for them to return to the comforts of their old spot.

Levitate Student says - check out our Fresher: Do Buy Don't Buy post with tips from students.




Money Matters

This is an interesting one and how you approach it will definitely be driven by your household circumstance. The household income (that the funders use to work out how much money the student can receive) is generally the annual gross income of the parent (s) the student lives with, their partner if applicable and the students own unearned income if they have any-which mine didn't. If your student works alongside their course it won't affect their student finance which is good to know.

It can be challenging if parents are separated and perhaps if there is a new relationship with a partner. I am sure it seems weird for the income of that person to count instead of the absent parent, but that's how it is.The funders usually work on a historic tax years income too which can be strange especially if you have had a change of circumstance. A friend of mine has a son going to university this year and the husband has been poorly and now made redundant. However the funder will take these changes into account. Having more than one student in the system is adjusted for too when working out each students level of funding.

Budget

I am not the worlds best at planning a budget myself, even with the best intentions am often just too busy and tired. However I did sit down with my kids and play with a student budget planner, once we had an idea what student finance they would get and what their accommodation would cost.

We talked about what their likely spending would be and agreed what we as parents could help them with. We made sure they applied for a student bank account and spoke to them about sensible use of the overdraft. The student accounts have an interest free overdraft which gives them a safe zone to dip into when funds are low at the end of term. I reckoned as long as this was used wisely it was a good facility to have. We talked about the potential problems of being silly with money and the way bank charges can build. 

The universities do have staff and services to help students budget and to find work. A little part-time job can be useful to top up their funding whether it is in the holidays or alongside their course. Having two students in the system has meant it has been a challenge so we have expected the kids to be wise with their spending and help us to help them.


We agreed a plan and then said we would review it in January. Both my kids have been sensible and manged the arrangement well, I am proud of them. We didn't tell them how to manage their money in fine detail, we thought it would be good to let them try find their own way, then chat about how it was going. I get the impression most students manage their money okay, (with the occasional blip) one way or another.

Levitate Student says - if your student is applying for means tested student finance speak to the relevant funder if you have had a change of circumstance. Especially if it means your income is less than in the tax year requested on the application form. A fall of income of 15% could mean that the funder may carry out an in-year income assessment and could result in more student finance. 

Money Saving Expert has a good article on Student Bank Accounts.

There are lots of online budget planners and budgeting mobile phone applications. Its worth searching to find one that suits. The cashflow annual planner templates for example for Excel can be good as they can help a student predict how their spending is going to affect their future bank balance. As they receive their funding in three lumps sums it can be difficult to predict how it might last.

Funding can be late for various reasons so if possible the student should try and get some buffer funds in their bank account. We found that the bank only provided a modest overdraft until the student finance arrived so that can't be relied upon.


Legal Stuff

August will herald the end of any child benefit and tax credits you received for your student -oh well.

Accommodation contracts are a nightmare and signing as a guarantor obligatory and a bit of a worry when its all new. Had mixed experience here as for one tenancy it was just sign on dotted line whereas another required a minimum income and credit check. Definitely understand all you are signing, get advice if needed. The students are pretty much tied into contracts once they sign and many are 52 weeks long which is annoying. Also by the winter/spring of year one the students are panic looking for new place and then are paying deposits on years two rented. By the summer the student has to find and pay the first year two rent installment in summer, they may still be paying for year one rent. It's a cycle that repeats each year so be ready for it.

Halls of residence are pricey and hard to compare with all tariffs being different and number of weeks and what's included varying. Also when and how payments are made vary. One thing which is a bit naughty is some universities or accommodation providers not dividing the rent into 3 equal installments. If the first payment is bigger it can make the first terms bank balance a challenge and Freshers are plunged straight into overdraft. Not helpful.

Most full-time students are exempt from paying council tax.They get an exemption certificate, usually there is information on the university webpages about how it all works.

Also it's worth checking out the Student Regulations at the university of choice.These are a bit like the terms and conditions of being a student. I had a friend whose son didn't settle at university and wanted to leave nearly straight away. If he had stayed beyond two weeks he would have had to pay his full tuition fee until January!! That was a surprise but it was in the Student Regulations so worth checking out....just in case. 

Levitate Students says - if your student funding is delayed or they want to leave get them to seek help from the university Support Services as soon as possible.
Lots of issues can arise in the first few weeks but university staff have seen it all before and are very experienced at helping students sort matters out and settle. Don't panic just point your student in the right direction for help.

See our blog post on council tax 


Useful to Knows

One of my students didn't want to take up the uni offers they got on A level results day so went into Clearing . It's a good idea to have a plan of action in case this happens as its can be a nerve wracking experience.The universities are all geared up for the mass musical chairs of Clearing. We found it a positive experience in the end and my student was really happy with the final outcome and is settled.

Make sure your student knows where the Support Service teams are at the university just in case they need help. This is important if their funding is delayed or they have problems with it. The university may help out with a little money if a student is in hardship.

Also check if your student is entitled to any bursaries or scholarships from the university, information is usually on the websites.

If your student is disabled or has a specific learning need as one of mine does, then engaging with the uni disability services to have their needs assessed as soon as possible is important. Also get money advice in case there are other things they may be eligible for such as welfare benefits.

Check your own home insurance policy, ours covered our students for contents while they live away at university.

It may be that your student won't need a TV licence as they don't seem to watch any live telly. Check the rules to be safe though.  

Bottom line - it will all be fine!

Budgeting Apps and Managing your Money

 95% 0f households in UK have mobile phones where only 88% have  a computer and only 89% have internet access.

(ONS 2020)

So more and more people are using smartphones to download apps for activities and services which help them keep in touch, shop, search for information and be entertained.

What is an App? It is short for application and is a computer programme designed to run on a mobile device.

Budgeting apps can support customers manage their money by helping them to monitor their spending, plan ahead and budget day to day to make sure they have money to cover their needs.

An initiative called Open Banking has made it easier for app providers to let you see all you bank accounts in one place.

Open Banking is all the technologies and the rules that allow you to safely share your financial information with app providers. Read more on www.openbanking.org.uk 

2 million users have already downloaded budgeting/banking apps                                                                                        (OBIE 2020)

Only consider budgeting apps that are registered with the Financial Conduct Authority (FCA), an independent organisation who parliament task  to protect customers of financial services.

Lets look a Yolt as an example of a budgeting app. It is free to download and is registered with the FCA. Yolt provides a Feature Spotlight describing what the app can do. Here are just a few features

•       Account aggregation – the core feature that relies on Open Banking and your permission to bring your current accounts, savings, credit cards, pension and investment information into on place

•       Build a budget – to let you set a monthly budget, define goals, set reminders, monitor and predict your spending patterns

•       Set Categories – apply categories to your transactions to suit you

•       Tagging – allowing you to personalise transactions with a #tag to help monitor total spending on tagged items

•       Pay Day – amend your budgeting period to run from your Pay Day

•       Split costs – to help split shared costs like restaurant bills with friends

•       Move money – to help you save

*Remember there are lots of budgeting apps – to see more that are also registered with the FCA visit www.openbanking.org.uk  

Budgeting well can ensure you have enough money for all your living costs and have some money set aside for planned future spending, unexpected costs or your longer term security.

Is a budgeting app right for me? Listing pros and cons can help you think about the positives and negatives of using a budgeting app.

Using Yolt as an example, try a 3 step approach to create a pros and cons that applies to your circumstances.

Step 1: Features, Advantages, Benefits (FAB)

On the Yolt website, in the search box enter Feature Spotlight to display articles about some of the app’s Features (or what the app can do).

Read the Feature Spotlights and notice some of the suggested Advantages of that feature. For example see “Connect your accounts from supported banks”. It suggests that “getting a proper overview of your all money can be tough” . The suggested advantage of this feature is you can  “see all your money in one place. Even if each account has different login details.” Do you agree?

How would this be of Benefit to you? How might it save you time or be easier to do?

Try to write down some Features of Yolt, the Advantages and how you might Benefit from them to manage your money.

These benefits are the Pros of the app to you!

Step 2. Complete the Budgeting Needs questionnaire 

Do you need to improve your budgeting? Could an app be the answer?

Step 3. Using customer reviews

Finding negatives of a product can be hard, they won’t be on the products website. When exploring the Yolt website did you spot features that you thought where negatives? View more pages and read the Frequently Ask Questions. Write negatives you see in the Cons box on activity sheet.

Customer who have already used the app might be able to help you. Trustpilot is a website where people write reviews about products and services.

Search for Yolt on Trustpilot. How many reviews are there?

Read some reviews, you might spot some more Pros for your list. Are there negative reviews? Has Yolt responded to clarify the issue?

List some possible negatives in your Cons list.

What do you reckon? Might a budgeting app help you?