Talking Money

Jana: (Singing) Money, Money, Money, always sunny, in a rich mans world.

Sarah: I worked out roughly that I'm going to be £9 000 in debt including tuition fees every year.

Jemma: I came out of uni with about £20 000 worth of debt.

Mike: I will owe between £36 and £42 000.

Vinit: £25 000 worth of debt is what I will have when I graduate.

Sarah: Funding what do you mean funding?

Mike: My money comes from all kinds of sources, from student loan to maintenance grant.

Aaron: This year I got a full maintenance loan.
I also received a grant for £1000 which they break down in three installments which is good. A housing bursary from UNIAID.

Jemma: Ask at your student services department
or your student support department, there's your student union who have a welfare department and student money advisors. Or you could use websites or remember the people closest to you.

Mike: If you find anything to apply for, you should apply for it. You might as well.

Student loan low-down

Mike: I have two types of loan, I have a Tuition Fee loan which is for £3070 and a Maintenance Loan which is about £3000. You have to repay these loans as soon as you are earning £15 000 or more. I estimate by the time I start working I will owe between £36 and 42 000.

Interviewer: Sorry Mate!

Make-up Artist: This guy's going to be a lawyer don't be sorry for him.

Mike: Once I start repaying my loan, I will be paying it back in monthly installments which will depend on how much money I am earning at the time. It's pretty hard to tell, but I reckon by the time I am earning I will be paying back around £120 a month.

Maintenance loan low-down

Aaron: A maintenance loan is a... What is a Maintenance Loan exactly? I've been at uni for 3 years but I have no idea.

A Maintenance Loan is through the Student Loans company which goes towards your housing and living costs, but unfortunately this is the one that you have to pay back.

Getting money from the folks

Ursula: If you are lucky enough to get some money from your parents to help you through university it really makes a difference. I get £400 a month put into my bank account from my mum, and then my dad will give me extras for travel and things like that.

Jemma: When I came out of uni the debt was quite a shock, and I think I wouldn't have done anything differently because it was really good having my own money which I had to be responsible for, but my parents said to me well we can either help you now to pay it off, or we can help you with a mortgage later.
So I probably won't get a house.

Ursula: There is a lot of guilt attached to it, but like I say, they work hard for me and hopefully I will be able to repay them later... Um, not with the cash though.

UNIAID on scholarships

Jemma: Another form of support that you don't need to pay back is scholarships. You may be able to get a scholarship from your university, a business, a charity.

These are often given to students who study a certain subject or are awarded for academic achievement. This might be a couple of hundred pounds, it could be thousands, so it's definitely worthwhile looking into what you might be able to apply for.

Getting a bursary

Mike: Don't be afraid to ask for help if you need it, it's always available. I got a UNIAID accommodation bursary by filling out a form and sending it off.

Rosie: The bursary is worth £3500 which is what it would cost me to live in London for a year.

Aaron: I was lucky enough this year to receive a housing bursary from UNIAID.

Rosie: It pays for my accommodation, so I don't have to worry about that which is a huge amount of money.

Mike: It's quite competitive, but if you deserve it you will get it.

Not got a clue

Jemma: Some people, to be honest, really don't have a clue! If you're one of these people, get your act together! There's lots of support available and if you don't apply for it you won't get it and it could make a real difference.

There are plenty of organisations that offer plenty of help and support for students. The problem is lots of students don't know it's there - if you don't look around and don't apply you won't get it!

UNIAID on sponsorship

Jemma: Another way in which you can get financial support for university is perhaps explore whether you can get sponsorship. There are plenty of big graduate recruiters that offer sponsorship through higher education or perhaps the armed forces.

Obviously the good thing about sponsorship is that you get financial support, however you might want to think about what it means for you when you graduate. A lot of these companies will probably want you to work for them for maybe several years. So think about if it is right for you.

What's in store for graduates

Ursula: After my second degree, my medical degree, i'll probably have at least £30,000 of debt.. erm.. which is quite depressing but hopefully i'll be able to pay it back!

Rosie: I suppose it's just this anxiety, this feeling of it looming over you and that i've got to pay it back at the end of the 4 years.

Jemma: When I came out of uni with quite a lot of debt it was quite crushing that I didn't realise how much it would be. However I wouldn't have done anything differently I think it was good to have my own money although it was borrowed to have at uni.

Aaron: In terms of repaying your loan, you don't need to start repaying it until you earn a certain amount of money which is around £15,000 a year. However, they say your loan is "this much" but it does have a interest. The amount that you borrowed for your 3 or 4 years isn't what you'll pay back, it does increase.

Sarah: At the moment i'm just hoping i'll get a really good job to pay it off!

UNIAID on funding

A tuition fee loan, which covers you fees so you don't pay fees up front. You pay this back after you've graduated and not until you're earning £15,000 or more.

There's a maintenance loan which covers your living costs - the amount will depend on where you're studying and where you're living.

There are organisations out there that offer plenty of support and help for students. The problem is, lots of students don't even know it's there. If you don't look around and don't apply you won't get it.

There are a few simple things you could do to improve you chances of getting a bursary.

Use a spellchecker. Make sure there are no errors in your grammar or spelling which definitely puts the reader off.

Do your best to state your case - the reader really wants to know what difference the bursary will make to you so make sure you answer the question.

Disabled student support can apply to a wide range of students for example, dyslexia, or dyspraxia there could be real practical or financial help that's available to you that would make a real difference when you're studying.

HSBC on funding

Lucy:It is hard at university now. There are a lot of expenditures that I didn't have when I was at university. What we try and do is we try and give support as much as we can. We try and help in-terms of the over draft limits, we try and help in-terms of budgeting as well, because it is really tough when you move away from home for the first time.

Holly: There is a lot of government funding out there and a lot of money to help students, but often it's hidden and not very easily found. You need to do research, speak to your uni advisors to find that money.

Lucy: UNIAID is a great charity, we've helped them for 5 years and they've helped millions of students in-terms of finance, understanding budgeting and making the most of student life.

Nathan: We're very friendly and approachable so if any students do have any financial concern, they can always just come in and see us.

Where to go for financial help

Jemma: There are plenty of people who can offer you help and can off you advice, but you won't get it unless you ask.

This may come from someone in your university, ask at your student services department or your student support department. There's your student union who have a welfare department and student money advisors. Or you could use websites. Or remember the people closest to you, like your family or your friends.