Help from uni
what aid is available?
Access to learning fund
This is available through your college to provide extra financial support if you are on a low income and need extra financial support.
Payments will usually be in the form of grants that do not have to be paid back although occasionally payments will be given as short-term loans.
Apply to the student services department of your college or university.
Career development loans
If you cannot get help through other sources then you may be able to get a career development loan (CDL). A CDL can be used to fund up to two years' vocational training or education. CDLs are bank loans offered in partnership between the Department for Education and Skills (DfES) and three high street banks (Barclays Bank, The Co-operative Bank and The Royal Bank of Scotland).
Trusts and charities
There are a number of trusts and charities available who may provide financial assistance to students. Many of these relate to students studying a particular subject or having links to a particular geographical area.
NHS and social work bursaries
If you are training to work in social work, medicine or certain areas of healthcare, you may be entitled to a bursary from the General Social Care Council or the NHS.
Benefits
The majority of students do not qualify for means-tested benefits. If you are a student with a disability or a single parent you may qualify for some benefits.
Council Tax
If you live in a hall of residence or shared house with only students living there, you will be exempt from paying Council Tax. If you live with other non-students you may be liable for Council Tax depending upon your circumstances.
Expenses while you are studying
Whilst being a student budgeting is one of the most important skills you can use. It may be your first time away from home and the first time you have to be completely responsible for all your own finances.
It is a good idea to work out a budget to include all your income and expenditure while you are studying. Student welfare advisers will be able to give an estimate of typical costs.
The NUS also produces a useful set of leaflets including guidelines for average student expenditure. When working out a budget you should be clear what period the budget covers. Budgets can be worked out monthly or weekly, or you may prefer to do a budget each term or annually, with a separate budget for the long vacation. Phone National Debtline directly on 0808 808 4000 for advice or contact the NUS directly.
Choosing a bank account - things to remember
Most of the major banks offer special accounts for students. Things to consider when choosing a bank account are:
1 The amount of any interest-free overdraft you can have;
2 The charges and interest on authorised and unauthorised overdrafts and loans;
3 How long you can keep using the same account after graduation. Many banks have the option to move to a graduate account with preferential rates instead, whilst some may insist on you turning your overdraft into a loan.
Remember: check out what the bank will charge if you go over your overdraft limit. These charges can often be very high.
nationaldebtline.co.uk