Increasing Student Income
A typical student will need to budget carefully in order to afford their university fees and live comfortably whilst away from home. Although students have a lot of outgoings, most students have a very limited income. As a student you will typically rely on one or more of the following sources of income:
student loan
scholarship or bursary
money from parents
part-time job
savings
If you have money from all these sources, that's great! The chances of you running into financial difficulties are significantly lower if you have several sources of income than they are if you rely on one. If you only have one or two sources of income, consider the other ones on the list. Are there any other sources of income you could pursue?
Student Loan
All students who are residents of the UK are entitled to apply for a student loan from the government. This loan is divided into two parts, a tuition fees loan and a maintenance loan: together these loans are known as a student finance package. Student loans must be repaid when you have finished studying and begun earning. The amount of money you are given will depend on your income and that of your parents. For more details see Student Loans.
Scholarships & Bursaries
Many students overlook the opportunity to secure funding through a scholarship or bursary. Many universities offer student funding to students who have a low income, or to students who have such great academic records that the university is keen to secure their interest. These different types of funding are known as needs-based and merit-based.
Scholarships are typically merit-based, rewarding students for academic achievement, while bursaries are typically needs-based and offer students with a low income the chance to pursue their studies without financial worries. Scholarships and bursaries are almost invariably grants: sums of money awarded to you which you do not need to repay.
Make sure that you research potential scholarships and bursaries for your course, your university and your situation. You can do this in several ways, but it is a good idea to enquire with the university directly, at their finance office or admissions office if you are a prospective student. The university staff should be able to suggest possible contacts for further assistance. Similarly, you could contact the head of your department, course, or your personal tutor for ideas and advice. Additionally, search the internet for relevant funding using keywords such as 'student' 'funding' 'scholarships' 'UK' and search sites such as http://www.scholarship-search.org.uk.
Parental Contribution
If they are in a position to do so, many parents will choose to give their children some money to help finance their studies. Some may offer to pay accommodation costs, while others will set up a direct debit to transfer a small amount to their son or daughter's account each month. You may want to consider asking your relatives if they would like to contribute to the cost of your studies; even small gestures, such as agreeing to pay for a few course textbooks, can make a difference to your budget.
Part-time Job
Many students choose to work part-time while studying, in order to boost their income and improve their CV. University towns recruit students for a range of jobs, from internships to bar staff, and most universities have a job service that can help you find a suitable position. As well as increasing your disposable income, work experience and relevant internships are vital to ensure that your CV stands out when you graduate. Your university may offer guidelines as to the number of hours that a full-time student should work. It is a good idea to take these into consideration, or at least ensure that your employer is willing to be flexible if you cannot work during your revision and examination period, for example.
Savings
If you are lucky enough to have savings, or benefit from a savings account set up by relatives on your behalf, you may be able to use the money to cover your expenses at university. However, it is a good idea to ask the opinion of anyone who has put money aside for you when you wish to spend it: they may prefer you to use your savings to pay for accommodation or course field trips rather than new clothes and nights out. If possible, try to keep some of your savings separate from your main account and set them aside for the future or in case of emergency.
For more money management advice, see:
