Raising Finances for Your College Education
Published May 31, 2019
In an age when the cost of living is ever rising, it is no surprise to see the cost of education skyrocketing to unachievable rates. According to the Institute for Fiscal Studies, three-quarters of students in the UK cannot pay off their school fees in full and depend on financial aid from different entities.
Current requirements for a UK student visa demand that you have at least £ 12180 in your bank account to stay anywhere outside London and £15200 in London every year. This is way beyond the budget of an average student. Students will be required to purchase stationery, besides their upkeep and tuition fees.
In this post, we have looked at some of the ways you can use to make life more affordable while studying in the UK.
You Are Entitled to Students Loans
All university students in the UK are eligible to apply for government student loans and will only be required to pay when they are graduating and earning at least £21,000 a year. The amount offered varies depending on the institution, parental income, and other grants received before. The loans come in two parts. The first part will care for tuition fees, while the second part is the maintenance fee. Although the maintenance fee is deposited directly into the student’s account, the tuition fee will go directly to the university account. You can check the relevant government websites for students’ loans in each area in the UK.
Students from low-income backgrounds are free to apply for maintenance grants along with the maintenance loans. They are also known as Assembly learning grants in Wales and Bursaries in Scotland. You can only borrow half of the amount you have been awarded as a maintenance grant so your debt is significantly cut and your income increased. Students with special needs
Apply for Grants and Scholarships, Bursaries and Fee Waivers
Most reputable universities provide educational grants, bursaries, scholarships, and fee waivers. Grants are offered as financial aid mostly based on the financial need and don’t affect the amount of loan you qualify for. You can check with the university website for available grants and scholarships. Some firms and charitable organization also award grants in particular institutions. The words scholarships, grants, and bursaries are often interchanged, but the basic principle is that you won’t be required to pay. Some scholarships are however awarded to students who excel in academics, music and sports, innovation and industry and personal circumstances.
Check on https://www.thescholarshiphub.org.uk/content/guide-to-uk-scholarships for different scholarship opportunities you can apply for.
Higher education students with Special needs are advised to apply for Disabled Students Allowances (DSAs). These DSAs are awarded to students with physical or mental impairments, learning difficulties like Dyslexia or long term health conditions. These funds are given as an extra to the other students’ finances to cater for additional needs of the disabled students and need not be paid back.
Get a Part-time Job to Increase Your Earnings
If you can balance work and study, finding a part-time job is an excellent idea. Malls and stores, motor workshops, hairdressing shops, and more always have part-time jobs that are flexible and easy to manage for students. Though the salaries may not be very impressive, this can act as a good source of income for personal needs, bills, hiring dissertation writing services. Additionally, students studying specific courses like teaching and social work can also seek employment in the NHS.
Start Saving Today and Notice the Difference
You need to make saving a habit. Remember, it is never too late to begin saving. Set realistic targets of how much you intend to keep and work towards achieving them. We recommend opening a savings account to limit your access to the savings. Consider automatic scheduling transfers from your bank account to the savings account.
Stick to Necessities and Come up with a Spending Plan
It is crucial that you come up with a realistic budget to ensure you keep count of how much you spend. While living in halls of residence inside the university in the first year may sound exciting, most students will want to move to rented private accommodation in the later years. This, however, comes at an extra cost. Ensure the apartment you settle for is easily within reach in terms of rent. Limit yourself to cooked food inside the house to save on the cost of eating in restaurants.
Other ways of financial discipline we recommend include;
- Apply for 18+ student Oyster photocard to enjoy 30% of students discount off travel cards and bus and tram tickets.
- Consider sharing an apartment with a friend or classmate so you can share the rental costs and save.
- Mobile banking, text notifications, and banking applications are handy in monitoring your expenditure.
It’s All up to You Now
Whether you are taking a course funded by Education Funding Agency, or privately sponsored, the information above will be instrumental to your survival in the university. Practising healthy habits as saving and managing and limiting your expenditure will be crucial in managing your finances even as a professional. Limit your finances to necessary expenses only like bills, food, assignments and clothing.
Ensure debts don not cripple you after finishing your higher level of learning. So keep in mind all the information we have mentioned, and you will do just fine.
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