Many students feel that the level of state funding made available to them isn’t enough to last throughout the year. The UK Government makes two broad assumptions about how students fund their time at University; either:
1) You have access to parental financial support; or
2) You will supplement your loan/grant income through part time work or personal savings.
However some students are entitled to various additional sources of support (Parents Learning Allowance, Childcare Grant etc) because of their personal circumstances. If you are disabled or have specific learning difficulties you can also make an application for Disabled Students Allowances, which if awarded will allow you to buy in specialist support and equipment to help meet your needs in relation to your course.
Broadly speaking there are two options open to anyone who is struggling financially; the first is to increase the amount of money they have coming in (through part time work for example) and the second is to reduce the amount of money going out, i.e. cutting costs. Whilst some of the costs associated with University are fixed (i.e. rent) it is in the area of day to day living costs that many individuals can benefit from a greater awareness of their expenditure habits.
The Student Money Advice Service can provide assistance to students in managing their money, developing budgeting skills and living within their financial means.
We also recommend that students in financial hardship access the specialist search portal that links to hundreds of grants, bursaries and awards from across the entire UK (and beyond) through which you can look for financial help. These can range from small awards from a local benevolent trust up to large scholarships from national organisations and it’s well worth having a look to see if there is anything you may be eligible to apply for.
In the eventuality of a serious financial emergency the University offers a small crisis fund as a last resort. This locally managed fund can make interest free loans and grants to students who are able to evidence that they have no other form of financial assistance left to them, for example they have exhausted their overdraft and are unable to receive any further support from family. Applications can be made through the Student Money Advice Service and can take up to four weeks to complete, depending on how detailed the evidence an applicant is able to provide.
- Budgeting advice & resources
- Contact the Careers and Employability Service to find out more about finding part time work.
- Book an appointment with a Student Money Adviser for emergency financial advice