Budgeting at university is important. When your loan comes in at the start of each term, it may seem like a lot, but you need to make it last.
In this blog, find out:
- How to budget at university
- How Roehampton can help you with money
- What student finance is
How to budget at university
Here is a tried and tested budgeting technique that I used myself when studying at university:
At the beginning of each term:
- Calculate your total income for the term, this may include:
- Your loan from Student Finance
- A scholarship award
- Money from parents/guardians
- Wages from a part-time job
- Any savings you are planning on using
- Estimate your overall expenses for the term, this may include:
- Accommodation costs
- Tuition fees (this usually comes as a loan from Student Finance and will be paid directly to the university)
- Course supplies
- Gas/electricity/water- if you decide to live in one our on-campus halls, these bills will all be included in accommodation costs
- Food
- Travel
- Other expenses: subscriptions, holidays, hobbies etc.
- Subtract your overall expenses from your total income.
- Divide the remaining amount by the number of weeks in the term. This will be roughly how much you have left to spend each week. Do not go over this amount!
How Roehampton can help you:
We offer a range of scholarships and bursaries that will help support you financially throughout your studies.
Our student hardship fund and emergency loans will provide you with financial assistance if you are going through unexpected hardship.
You can find a part-time job with our onsite recruitment agency. There are opportunities to work at the university as a student ambassador, research assistance or conference host.
We have affordable on-campus accommodation. Our accommodation costs include all bills, giving you one less expense to worry about.
There is free parking on campus. You will find college kitchens located across campus where you can relax in-between lectures, reheat your food and keep your belongings safe using the free lockers.
Student finance explained
If you are eligible, you can apply for a student loan to help with living costs and covering your course fees. The loans are only repayable once you graduate and earn a certain amount, so you don’t need to worry about paying it back whilst you are at university.
What type of loans can I get?
Tuition Fee Loan:
- Your Tuition Fee Loan is paid directly to your university or college in three installments during the academic year to cover your tuition fees
- A full-time student can get up to £9,535
Maintenance Loan:
- Your Maintenance Loan is paid directly into your bank account at the start of each term to help with living costs
- The maximum amount depends on where you live and your situation
- Living in London, away from parents, you get a higher loan
Applying for student finance
Click on each for more information:
What do I need when I apply?
- Your passport
- A bank account
- A personal email address (not your school one)
- Information on household income
TIP: the application process can take up to six weeks so get applying as soon as possible to avoid future issues!
For more information on financial support and guidance, visit our website.