Student loans are a beneficial resources which can support your living costs while at university. However, it can be a challenge to manage this money and be financially responsible. This blog shares some helpful tips for managing your student loan at university, intending to make students feel more confident in their financial independence.

List Your Semester Expenses

Write down all of your expected costs. Choose a method which works for you such as a notes app, budgeting app, or just a notebook.

Start with essential expenses. Focus first on necessary costs, like:

• Rent: Your monthly rent or estimated cost if bills aren’t included

• Travel: Include bus, train, or car expenses, including parking or fuel if applicable
  
  
• Groceries and Food

• Toiletries and Household Items

Include Social and Extracurricular Costs:

• Consider expenses for things like socialising and eating out.

Memberships or Clubs: Include any memberships for societies, gym, or clubs

Estimate Your Total Spending

Estimate for each category. Add estimated costs for each of these categories. For example, if you think you’ll spend £20 on food each week, multiply by the number of weeks in the semester (e.g., £20 x 12 weeks = £240).

Calculate the total for each type of expense. Add up the estimated costs for rent, travel, food, toiletries, and socialising.

Subtract Expenses from Your Student Loan

• Start with the amount of student loan or other income you have for the semester

• Take the total you estimated in step two and subtract it from your loan amount. This will give you an idea of how much you have left, or if you need to adjust spending

• Sticking to your budget is also important. This will help you to practice discipline

Adjusting your spending when your loan is insufficient for your outgoings

Unfortunately, sometimes your student loan may not cover your outgoings. Try to be reasonable. For instance, wanting to spend £1,000 on socialising per semester is not reasonable. Adjust your goals for your outgoings accordingly to ensure that you do not run out of money.

The university offers a wide variety of bursaries for students. For instance, commuters and students competing in sports. To find out more about bursaries and whether you are eligible, check out the Money pages of Essentials.

There are also many external organisations which provide bursaries and scholarships. For instance, ‘The Sutton Trust’ and ‘The Miranda Brawn Diversity Leadership Foundation’.

Getting a part time job is also an option. The university offers many part time campus jobs which you can browse and apply for on the ‘Campus Jobs’ university website which you can login to with your university email. University jobs are typically flexible, favourable for students who need to prioritise studying.

Being financially independent at university can be challenging. However, by having a clear financial plan in advance and sticking to your budget is beneficial in supporting your needs.

The Student Financial Support Team at the university are also available for further support. For instance, you can book an appointment for financial advice.