 |
 |
FAQs, links and more.
-
FUNDING
-
LOANS
Q: How can I fund myself at university?
There are different sources of income that could help support you through university.
- Loans - There are two types of loan available; a Tuition Fee loan to pay your fees and a Maintenance loan to cover your living costs. You need to apply for your financial support as soon as you apply for your course. You need to apply for grants and loans each year of your course.
- Tuition Fee loan - The tuition fee loan means that you don't pay your fees until you've left university and have started earning. This loan covers the full amount of your fees.
- Maintenance Loan - The amount you can borrow from the Students Loans Company depends on your household income and where you will be studying and living. You don't have to pay this loan back until you have finished university and are earning over £15,000. This loan is normally paid into your bank account in three instalments on at the start of each term.
- Maintenance Grant - This is financial support that you don't have to pay back. The amount you get depends on your household income.
Q: When do I need to apply for my loan? Are there deadlines?
Yes there are deadlines. If you want your money in your account by the first day of term then:
- Returning students (going back after first year for more) apply before 23rd May, 2008
- New students need to have applied before 27th June 2008
- If you are going to get ‘means tested' then apply before 25th April 2008.
Q: What if I miss the deadline and want to apply?
You can apply later.
If you start off without a loan, you can apply at any time during the next 9 months. So if your university year starts on, say, October 15th then you could apply anytime until the following August 15th.
Q: How much can I get?
The amount you can borrow from the Students Loans Company depends on your household income and where you will be studying and living.
This loan is normally paid into your bank account in three instalments on at the start of each term.
If you are going to take out student loans, then these amounts will be added together so you'll only have one amount to pay back.
Q: Does where you live affect your ability to borrow?
Where you live can have a big impact on your living costs and it can affect the size of Maintenance loan that you are entitled to.
This depends on whether you live at home or away and if you study in or out of London.
If you study in London you could get a larger loan. If you live at home the amount you can borrow will be less.
Q: Do I need a bank account?
Yes. Students need to have an account at the start of the loan application process otherwise the application will stall.
Q: What else do I need?
A National Insurance Number.
If you miss these dates then you will have to wait to be processed and may risk not having money on day one of term.
Q: What if I haven't got one?
If you don't have bank details or a NI number, then you will fail validation. Therefore you'll simply be held back and your money won't be guaranteed.
Q: When will the Student Loans Application be online?
There is a fantastic new application process under construction, and from 2009 students will be able to apply online. For now, you need to work with your Local Education Authority.
Q: When do I have to pay my Loan back?
Your Student Loan is only repaid when you graduate and earn over £15K. It is collected alongside any income tax (so it just gets taken off your wages if you're employed and earning over the threshold). You do not have to arrange the repayments.
So if you earned, for example, £18K per year you'd repay £270 per year or £5.19 per week
-
OTHER SOURCES OF INCOME
Q: Where else can I get funding from?
There are various other sources of income available to you when you are a student.
- Bursaries - All universities in England provide bursaries. You don't have to pay these back. Whether you qualify for a bursary or not usually depends on your household income. If you qualify for a maintenance grant, you will usually be entitled to a bursary as well. Support varies across universities so do your research on the web or contact someone in the university's student services department to find out exact details.
- Scholarships - Many universities, charities and businesses provide scholarships or sponsorship for academic achievement or for a students studying specific subjects.
- Savings - If you need to supplement your income at university, will you choose to use your savings? It may help to work and save some money before you go so you can afford a few treats. If you don't need your maintenance loan at university, you could put it in a high interest savings account. HSBC have a range of accounts which can help such as the Online Saver. Check out hsbc.co.uk to find out more.
- Family and friends - Perhaps you will receive some support from family or friends? There are different ways they could support you – paying for your fees or accommodation or just giving you some pocket money?
- Employment - More and more students do part-time work so that they can earn some extra money and gain valuable skills for their future careers. If you are thinking of working during term time, work out how many hours you could manage alongside your studies and see if you can try and get a job related to your course. Could you use your holidays to earn some useful cash?
Q: What else can you do to get by?
If you run into difficulty, always remember to ask for help and advice. Don't forget part-time work or perhaps your parents. Keep in touch with people. Your parents, bank manager, tutor, check with the student services department.
When you're looking for those extra funds, make a nuisance of yourself! If you don't ask, you don't get.
Don't forget to keep in touch with your Bank. Make use of any interest free overdraft.
If you have used your bank overdraft or credit cards, then this is also to be repaid, often with interest.
Q: What should you do to increase your chances of getting a bursary or scholarship?
Remember that there's a person reading your application. Read the instructions. Try and give people a good reason to help you.
-
-
BANKING
Q: What is the difference between standing orders and Direct Debits?
A standing order is a regular money transfer that you have set up to be sent to another account or bill. The frequency of payments and the amount sent is controlled by you. These can be cancelled by you at any time.
Direct Debits are when you have given a company the authority to debit your account. The amount and frequency is determined by the beneficiary requesting the money.
Q: What is the best way to pay rent and bills?
Many companies offer discounts/beneficial rates for bills to be paid via Direct Debit. Once set up, bills are paid automatically provided funds are available in your account or a covering overdraft is agreed. A standing order can be set up with some landlords. Otherwise, money can be transferred electronically via online banking. Traditionally, a visit to a branch with cash or cheque is also possible.
Q: What should I do if I want to take a GAP year overseas?
Make sure you leave your finances in capable trustworthy hands of say a family member at home, so that if there are any issues you can not resolve while you are overseas, they can contact the bank. A ‘third party mandate' would need to be completed in order for your finances to be handled by someone else.
Q: What is the difference between a debit card and a credit card?
A debit card is connected to you everyday current account.
A credit card is connected to its own separate account, which has a usage limit. Once this limit has been reached, the card can not be used unless the used amount is paid off, either in full or part of it. Most credit cards require some form of minimum monthly repayment, often paid by Direct Debit.
Q: How do I keep my cards safe?
- Always make sure you keep your card safe and your PIN, password and other security information secret.
- Ensure you cover your PIN when using your cards in ATMs and in shops. Be aware of card reading devices attached to ATMs. Keep sight of your card while using them in bars and shop, and restaurants to reduce the risk of them being cloned by staff.
- Consider signing up for a secure online payment system (such as Verified by Visa or MasterCard SecureCode)
- Never give your account details or other security information to anyone unless you know who they are and why they need them.
- Keep your card receipts and other information about your account safe and get rid of them carefully.
- Take care when storing or getting rid of information about your accounts.
- Post is valuable information in the wrong hands. If you don't receive a bank statement or card statement, contact your bank immediately.
Q: How do I go about getting a student bank account?
It's easy to set up a student account with most banks - you can usually apply online, branch or telephone.
Q: When do I get my overdraft?
Legally you must be 18 to have any sort of credit facility from a bank. Contact your bank for details on whether you are eligible for an overdraft and how it will work.
Q: What should I do if I think my overdraft limit isn't high enough?
Pop in and speak to us, we'll try to get you the right limit and can help you with budgeting.
Q: What should I do with my student loan when it comes through?
Ideally, place the funds into a savings account so you earn some interest on it and transfer funds monthly to your bank account for your day to day use. This will help you to budget and make the most of your loan.
Q: What happens to my bank account when I graduate?
Contact your bank so they know what you are up to and can then advise you on which account would be most suitable for you. Don't miss out on beneficial facilities that come with some accounts.
Q: What should I do if I decide not to go to University?
You can take a GAP year, begin working or study an apprenticeship. Again contact your bank so that the most suitable account can be provided to you.
Q: How do I increase my overdraft limit?
Contact your bank to help you with arranging an overdraft facility.
Q: What should I do about home insurance when I move to University?
Check what policies your parents have. You may be covered already, with HSBC if your parents have home insurance with us, you'll be covered too. If not, take a look online and see what offers there are. Some accounts offer discounts/preferential rates on insurance
-
FEES
Q: How much do you pay and when?
Check your chosen university's website for fee levels as these vary between universities.
Q: How much will it cost me to study in England?
The maximum tuition fee for full-time undergraduate students in England for 2008/09 is £3145 per year.
Q: How much will it cost me to study in Wales?
How much? The maximum tuition fee for full-time undergraduate students for 2008/9 is £3145 per year. However, if you are entering higher education from within Wales, you will be eligible for a fee grant of £1890 so your annual fee will be £1255.
Q: How much will it cost me to study in Scotland?
Check your university website for confirmation of their fee levels.
-
LIVING COSTS
Q: What will I spend my money on?
Accommodation – Is the big one! Where you live can have a big impact on your living costs and it can affect the size of Maintenance loan that you are entitled to.
Think about the cost of trains, buses, bikes, or running a car. Don't forget to consider the cost of a TV license, phone and internet bills!
There is more information and advice on accommodation at www.studentcalculator.org.uk
- Utilities - Are your bills for gas, water and electricity covered in your rent? Check with your halls or landlord. Also remember don't forget to consider the cost of a TV license and phone and internet bills!
- Transport - How much will it cost you to get home? How often will you do this? How much will you spend getting about? If you live on campus, you may spend less. Think about the cost of trains, buses, bikes, or running a car.
- Eating and shopping - The cost of food and essentials (and treats) can really add up over the year. Think about how you can shop and cook on a budget.
- Study - What will you have to buy before and during your course? Stationary, books, or specialist equipment?
- Socialising - How much time and money will you spend socialising? Bars, the students' union, cinemas, and cafes all cost money. Can you find a balance so that you enjoy your social life without breaking the bank? What can you do for free?
- Insurance - Thieves target students. Insurance is worth it. Check to see if your parents household policy covers you – if not, make the wise investment.
-
TOP TIPS
Q: Making the most of it - UNIAID top tips from students?
Discount shopping
- As a student, your NUS Extra card can be your best friend for discounts if you fancy going shopping or seeing a film. Don't be afraid to ask in-store.
- Look around and buy your books second hand, there are always ads around campus for books and there are loads of places online to buy them cheap.
Eating on a budget
- Eating is ALWAYS fun in groups and so is cooking. Not only does it work out cheaper, but you get to learn essential tips from your friends.
- Freeze what you don't eat… it'll cut your food bills.
- Pasta and sauce makes a cheap, quick and nutritious meal. Add almost anything to make it a bit different.
- Take a value pack of cheese and tomato pizzas, some deli pepperoni, a few herbs and some peppers. Throw it all on top, cook with extra cheese – less than £3 for ten small pizzas!
- Don't supersize yourself on your overdraft – try to avoid the trap of fast food; it eats away at your money and it can be so unhealthy!
- Timing is everything! Hit the supermarket bakeries about an hour before they close. They usually reduce all their fresh bread, which you can then whack in your freezer till you need it!
- Why not share the cost of things like washing-up liquid, sponges, bleach and sugar? Having a good system to split the costs is vital; it saves time and arguments
Manage your money.
- Work out a budget; find out how much money you are going to get, where you are going to spend it and if you have time for a part time job. This will allow you to manage your money better over the year and will help you to avoid eating into your overdraft. The UNIAID Student Calculator is a great tool to help you do this: HYPERLINK "http://www.studentcalculator.org.uk" www.studentcalculator.org.uk.
- Mobile phone bills can be high when you're away from home, shop around for the best deals.
- Pacing yourself - Going out every night in the first term may make you popular but could mean a serious lack of money (and social life) later in the year. Set yourself a spending limit, leave the rest at home. You can't spend what you don't have with you.
- Make sure you keep up to date with checking you bank balance.
Finding your balance
- Studying every day without any fun means you lose your effectiveness. Having fun allows you to unwind and focus more on your studies.
- Jobs are a great way to top up the bank balance: working one night a week can pay for more nights out. But don't go out too much! You WILL get ill, run down and behind in your studies.
- Go out, have thrills and spills, but don't forget to spend your bills!
-
WHERE TO GO FOR ADVICE
Q: Where can I get advice on managing my money?
If you run into difficulty, always remember to ask for help and advice.
- Student Services / Welfare department at your university
- Student Union – help on campus with a range of issues including housing, money, counselling
- National Association of Student money advisers – www.nasma.org.uk – find your nearest student money adviser
- Family and friends – Look out for your friends and they're look out for you.
- Bank Manager
- UNIAID – www.uniaid.org.uk – practical online help with budgeting
- National Union of Students – www.nusonline.co.uk
- Studying in England – www.studentcalculator.org.uk
- Students from Scotland – http://www.student-support-saas.gov.uk/
- Students from Wales – http://www.studentfinancewales.co.uk/
-
USEFUL LINKS
- Student Loans Company – administrator of the government's student loans scheme - http://www.slc.co.uk
- National Union of Students – advice and information on all aspects of student welfare: further/higher education finances, benefits, tax credits, tax, budgeting, housing, health and crime - http://www.nusonline.co.uk
- National Association of Student Money Advisers. To locate student financial advice within your institution, search NASMA's online database of contacts – http://www.nasma.org.uk
- National Debt Line Free, confidential and independent advice on how to deal with debt problems – http://www.nationaldebtline.co.uk
- Advice Guide – a website helping you with queries on such issues as employment, benefits, consumer rights and to find local contacts – http://www.adviceguide.org.uk
- Citizens Advice Bureau, for details of general work - http://www.citizensadvice.org.uk
- Aimhigher – a site to help you find out more about going into higher education – http://www.aimhigher.ac.uk
- TheSite – your guide to the real world - http://www.thesite.org
- Connexions Direct – information and advice on issues relating to careers and learning, money, housing, health and relationships – http://www.connexions-direct.com
- Samaritans – http://www.samaritans.org.uk
- UKCISA – the council for international education www.ukcisa.org.uk
- Skill – The national Bureau for students with disabilities – http://www.skill.org.uk
- Nightline – Nightline is a listening, support and information service, run by students for students. – http://www.nightline.niss.ac.uk
- Helena Kennedy Foundation – supports disadvantaged students from the further and adult education sectors to complete their studies and move on successfully into employment - http://www.hkf.org.uk
- Young Scot – General info on money, benefits, training, work and housing for young people in Scotland. – www.youngscot.org/infoline
- HSBC – information on student banking, how to find out more and manage your student finances – www.hsbc.co.uk
-
UNIAID and HSBC
Q: What is UNIAID?
A charity, supported by HSBC for the last 5 years, which helps students cope with the financial side of higher education. See www.uniaid.org.uk
Q: What does HSBC do to help UNIAID
HSBC has sponsored UNIAID for five years and has helped us put together some free, helpful tools:
- AllaboutU ( www.allaboutu.org.uk)
- Student Survivor ( www.studentsurvivor.org.uk)
- UNIAID Student Calculator ( www.studentcalculator.org.uk)
For examples of HSBC’s other work see: www.committochange.co.uk
Q: What are the two biggest surprises for students when they use the UNIAID Student Calculator?
The sheer amount of financial support available (and how difficult it is to find). The cost of things like food, travel and accommodation.