Four ways to get support with your finances during your student years…
Being a student isn’t cheap. That’s why there’s financial support available for students who are struggling. You may have to meet certain criteria to be eligible for financial support such as:
- Being from a low-income family
- If you have a disability
- If you have a child
- If an adult depends on you financially
A grant is money you can apply for and don’t have to pay back. Many universities have hardship funds you can apply for directly. If you’re struggling or need help covering student essentials, you may wish to apply for a hardship fund. They may ask you to provide bank statements and bills to prove you are struggling to meet certain costs. Usually, a hardship fund is paid in a lump sum or in instalments.
Examples of grants include:
- Disabled student allowance
- Childcare grant
- Adult dependants’ grant
Visit www.gov.uk to read more about the different type of student grants available.
Online courses like Blackbullion: https://www.blackbullion.com/ are a great way to learn money management skills. You can learn how to budget and save to improve your finances. Courses like these are usually free for students but always check first.
Student finance is money you borrow to help you meet the costs of studying. This is money you will eventually have to pay back but only once you meet the income threshold of over £27,295 a year. If you earn less than this, you won’t have to pay anything and the debt is written off after 30 years.
Many universities have a student union or hub where you can go to ask for help. They can suggest the best ways to manage your money and refer you to grants and loans you may be eligible for. If you’re ever in doubt or are worried about your finances, speak to a student union rep who can point you in the right direction.