Naomi is a third year student studying Economics with Accounting, who loves trying out all the amazing coffee shops around City.
Money is a popular topic when you’re a student! If we had as much money as we did advice about it…life would be simpler! Below are my tips on funding available to you as a student as well as how to manage money once you have it.
First off, let’s look at how we can get hold of some money.
1. Student Loans
Loans may seem scary and complicated, but they are relatively straightforward.
You can apply for a loan from Student Finance England and you only pay it back once you graduate and are earning a certain amount of money.
You can get a loan for both your tuition fees (which is paid directly to your university) and your living costs (which is paid to you!).
For more information on student loans you can check out:
- Student Finance England’s quick start guide to finance
- Martin Lewis’ video decoding student loans
- or just have your own look around the internet!
2. Bursaries & Scholarships
Yes, these are different things! Put simply, a bursary is generally given based on your circumstances and a scholarship is given for outstanding achievement.
The key thing here is that, unlike a loan, these don’t need to be paid back.
Some need to be applied for and some are automatically given. But be sure to see what is on offer… no one wants to miss out on free money! There is some helpful advice about bursaries and scholarships here.
3. Part-Time Work
Getting yourself some work is another great way to access some money while you’re a student. The difference here is that, unlike the other two ways of getting money, you need to put in a bit more effort!
Have a look on jobsites or ask around in local businesses. Or look at your university; you’ll be surprised how many opportunities there are to find work. Many universities employ students to work at events, promote the university… or write a blog post!
“So now you’ve got some money in the bank. Amazing! But beware, that was the easy part! Next, we need to know how to be responsible with our money and spend it wisely.”
For more information on budgeting, read Part 2 for Naomi’s tips on spending your money wisely!
City’s Students’ Union is also running a new Short-Term Loan scheme, introducing a brand new, interest free, short-term loan scheme to help students with short-term cash flow issues.
If you are not planning on attending City, check out other university’s websites and what they offer in terms of bursaries and financial support and guidance.
And you can read: