Levitate Student: Starting Uni in September?

Freshers - Here are ten Money B's....

Be first - Apply for funding ASAP!

Millions of students apply for funding for university every year. It is important to apply early to get the job done and allow time for any issues to be sorted. The funders (SFE, SAAS, SFW, SFNI) will let you know on their websites when to apply. Make sure you are familiar with their website so when they say GO! you are ready to apply.

The application forms ask where you will be studying, what course etc. It is possible you do not know yet for certain – let’s face it A’ level results aren’t out till August! Don’t let this stop you applying, put down the most likely institution on the form. If it changes just let the funder know, it’s not a problem.

Be an empowered consumer

Remember you are a customer of the funding agencies. Expect good customer service and get into some good habits like noting down who you are speaking to if you call them. Most of the time you will get great service and help, but when things don’t go so well do not be afraid to complain formally.

Log on to your online accounts often to check for updates from the funder and to get used to using it. Always remember your log on details and passwords, the funder may not talk to you without them.

Also you are a customer of the university so check out their terms and conditions – usually these are usually found on the website as for example

Student Regulations/University Regulation/General Regulations......

These may be dull but are very important to know about as the intuitions will follow these rules when dealing with their students.

Also see if your university has Student Charter or other form of customer service agreement.

Get to know what support services the university offers such as well-being, advice, careers, help for disabled students etc.

Be on top - Keep the funder informed of changes of circumstance

This seems obvious but when you are busy it’s easy to forget. If you change address, email, bank account, university, course etc then the funder needs to know.

Be informed -Check out your universities of choice on OFFA

The Office for Fair Access work to ensure universities are reaching out to all potential students. Each Higher Education Institution submits an agreement about how they achieve this every year to OFFA for approval.

Read the agreements from universities of choice – there may be details of extra financial help that you may be eligible for.

Be wise - Understand your accommodation contract

Signing your accommodation contract may seem a big commitment and it is. Whether the accommodation provider is a university, private halls, landlord’s agent or private landlord, you should be signing a legal tenancy agreement.

It will be legally binding for the number of weeks outlined and is likely to require the student and a guarantor to sign it.

Know what you are signing for – the number of weeks (these can vary widely 42,44,52 for example); what is the deposit; are there administration fees; what is included in the rent; how many installments & when are they paid; what are the rules for terminating the contract......

Note that for halls of residence the installments may not be equal. For example it is possible for the institution to front load the plan so that you pay more in the first term. This can be tough to budget for but it’s best to be prepared.

If you are looking at private accommodation, then 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 choice private rented then understand your rights fully. Look on www.shelter.org.uk and www.unipol.org.uk for helpful information. Also learn about Tenancy Deposit Schemes

Remember, if you choose to live at home - consider how you will contribute to the household bills from your student finance.

Be prepared - Explore Student Bank Accounts & budgeting

Many high street accounts offer Student Bank Accounts. Many of these accounts have an interest free overdraft facility.

It’s right to be cautious about the temptations of an overdraft but that said if used correctly it can be a very useful budgeting tool. Students get their student income periodically and for some that is 3 termly installments. Unfortunately outgoings don’t align neatly to this and budgeting and planning can be difficult.

An interest free overdraft serves as a safety net on your account, allowing you to borrow money (within limits) without being charged interest. Used sensibly it can work for you, help you avoid bank charges and having payments such as direct debits refused just because they were set to debit the day before your loan arrives etc.

If you graduate with an overdraft then banks offer Graduate Accounts that allow you pay the overdraft of interest free within a set period of time.

Check your bank of choice for details – we like the comparison table on www.moneysavingexpert.com (scroll to bottom for tool).

Budgeting can seem dull for most of us but it is vital to keep track and really can set some good spending habits. If you are new to budgeting and managing your money then there are plenty of on-line tools and apps. This one is fun for starters to get your eye in. In the long term though it’s best to come up with a method that suits you so you stick with it.

Be ahead -Start your job search

Many students have to or choose to work alongside their courses. Academic staff often guide against too much employment in case it is detrimental to study (they sometimes recommend no more than 16 hours per week). That said though, for some, working is the only way to afford to manage financially as a student. There are great advantages to having that extra cash and work experience too.

So if you do plan to work, remember in university towns competition for part-time jobs is high among students. Most universities have Job Shops as part of the support services and can help you find work. The universities also employ student ambassadors for events or to support specific departments (such as those that work with schools in outreach).

If you work in your home town and the organisation you work for has outlets in the university town, then why not ask your manger to help you transfer?

Always keep safety in mind – if you have to work in evenings then ensure you know how to getting home safe and affordable. Taxis fares can take a huge slice of your earnings!

Also understand how Tax is worked out for students see also www.gov.uk/student-jobs-paying-tax

Be open – talk to family friends and supporters

It’s good to talk if possible to family, friends and other supporters about your transition to university. Certainly speak to those whose income will impact the funding you get (parents, partners etc) about what that means for you all. Do not assume that just because the government have decided that someone should be contributing to your income that the person can or will.  

Talking about money can be emotive so best done when there are no specific money problems that might affect a healthy conversation.

If family/friends are able to offer financial support, what form will it take? Help with rent, a regular sum, a one off lump sum, money for birthdays etc? Sit together and plan a budget – it can help for everyone to see what income you will have and costs you will have to plan for. This information from The National Union of Students might help you get an idea what students spend.

If family can’t help, how will you make up the financial shortfall? Work in summer before going, or alongside course, apply to charities, maximise your interest free overdraft?

Build it all into your budget plans.

Be cautious – don’t overspend before you start

It’s easy to get carried away buying things for university that in the end you never use and didn’t need. How many toasted sandwich makers and stack of six mugs gather dust in student rooms each year?

Perhaps wait before buying some items and see if you really need them.

Also what can you get for free? – think second hand books, www.freegle.org.uk  www.freecycle.org  and charity shops all have amazing "like new" items.

Be comfy with Clearing

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

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

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

Sometimes between picking courses and results day you have changed your mind anyway about second and third choices, or perhaps the institution has changed their 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, have thought about the financial impact and have planned for those changes.

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