Money matters
Here at the Students’ Union we understand how stretched you will be for money. That’s why we have friendly advisers who can assist you help with the following...
Bank Accounts, Budgeting, Debt, Hardship funds, Money saving tips, Student loans etc
Banks
The interest free overdraft facility is the most important factor when deciding which bank, not the free gift! Look past these ‘freebies’ to the more long term benefits, remember that a Young Person’s Railcard is going to be more useful in the long run than a cheap MP3 player!
If you are likely to go overdrawn during your time at university, it is essential to choose an undergraduate student bank account that offers you a free overdraft that is large enough to meet your needs. Make sure you know what overdraft limit is available and read the small print so you know about any charges and how to avoid them!
Click on to Martin Lewis’s Money Saving Expert for further information and to check out what’s on offer.
Budgeting
When you start University you will be living on a fixed income, so it's a good idea to plan your finances. It’s not sexy and might even be a bit boring but keeping a record of your incomings and outgoings can really help you to budget properly.
Register for internet banking; ideally check your account on a daily or weekly basis. Keep a spending diary, it is a fantastic way of keeping track of your money and also makes you think twice before buying non essential items.
Advantages of budget planning
+ you know how much money you have coming in
− you know how much money you have going out
= you can plan your spending so that you are never left with periods in which you have no money.
Knowing where you stand with your limited finances can reduce your stress levels! Try this student budget calculator or the budget planner at Money Saving Expert to get you started, or you can always access further support from the friendly advisers in the Advice Centre.
Benefits
Job Seekers Allowance/Income Support (JSA/IS/ESA)
Most students who are studying full-time are not eligible for either income based or contribution based JSA.
Although there are some exceptions to the rules which include some of the following groups:
- Single parents
- Student couples with children/child
- Disabled students
These groups may be able to claim some JSA/IS/ESA to cover the summer period. For further information on the exceptions please contact the Advice Centre.
Child Benefit
Child Benefit is a tax-free payment for people bringing up children. It is paid for each child and is currently not
income related (subject to change in 2013). It is therefore unaffected by student grants and loans received whilst studying.
Tax Credits
Child Tax Credit and Working Tax Credit were introduced to improve the way the government supports families with children and working people on low incomes. You may be able to claim Child Tax Credit as a student if you are responsible for a child.
Hardship funds
If you’re in hardship and need extra financial support, the university can provide additional financial assistance to eligible enrolled students through the Financial Contingency Fund. You can apply if you’re a full-time or part-time higher education student, as either an undergraduate or postgraduate student.
Short Term Loan ‘Crisis Loan’
The Students’ Union offers short term emergency loans. You can apply for a short term loan if you have a sudden, unexpected emergency or if your funding is delayed. You cannot apply for a loan simply because you have run out of money, your emergency has to be unforeseen and unavoidable.
Student Loans, Grants and Bursaries
Two types of loans are available to eligible UK students:
- Tuition Fee Loan
This is paid directly to your university to help cover the cost of tuition fees. - Maintenance Loan
Paid to you the student in three instalments, one at the beginning of each term, this loan is used to assist with living costs.
You will need to make an online application for your loans and grants. Who you apply to depends on where you normally live:
- Wales: Student Finance Wales
- England: Student Finance England
- Scotland: Students Awards Agency for Scotland
- Northern Ireland: Student Finance Northern Ireland
NHS, Health & Social Care Bursaries
The NHS Bursary package differs from the support available to non-NHS students. To qualify for NHS financial support, you must be accepted for an NHS funded place on a full or part time course. If you receive an NHS funded Bursary the full costs of your training including your Personal Tuition Fee Element will be paid on your behalf.
Bangor University Bursaries
In addition to the standard Government funding available, you may be entitled to further funding through Bursaries awarded by Bangor University.
For more information regarding the undergraduate bursaries scheme for current students in 2011–12 see University Student Finance.
Students in receipt of other bursary payments (e.g. NHS, Health &; Social Care Council) will not be eligible for the bursaries scheme.
If you have any queries about funding or any other matters discussed above please contact the Advice Centre.