Like most students, feeling like getting money in the form of student finance would be the most amazing thing in the world! Going to University and being paid at the same time, who wouldn’t want that. The whole point of Student finance is to help students financially, making their time at university go smoothly. This will help with living costs, transport, food shopping and most importantly, going on nights out.
Everyone receives this in the form of loans and grants, but the amount you get depends on two significant factors. The first on being the amount your parents make and the second one being the distance you are going to travel/live at you’re chosen University. Just see it as If you’re life at home is well of, then you won’t receive as much compared to the people who are from not well of families.
But be warned, the actual reality is that you will see the money vanish almost instantly. You get paid in 3 instalments, one in September, then January and then April with the hopes of making sure that money lasts until the end of the term. But the reality is that a huge chunk of that money goes to accommodation rent, which will end up leaving you with almost nothing. It is then when the trouble starts, most student I know have to do extreme budgeting or borrow a loan from the bank, and these students don’t go out and spend their money on useless crap either. Worrying about money is no way to have a smooth University experience.
The problem here lies with how the government wants to keep their control on Universities and also students. For example, we all know the first term is the hardest when it comes to finances, as well as the rent money being deducted from our bank accounts, we are expected to last the remaining money for at least 13 week until the Christmas break! This is extremely hard, especially for students who have no financial input from their parents, it seems like the government wants as much students to drop out in their first term on University to me.
Further adding to this problem, the government really doesn’t want students to excel as they are now taking away grants from us as well. This means paying back our student finance will be double as hard as we will need to take out loans and be expected to pay more money back because of it.
So, this leads students to find their own ways to make and save money, but there are also ways in which your University can help, here are ways to save and get money:
- Check for the University bursary schemes you could be entitled for
- Also for bursaries relevant to your course e.g. the printing charity
- Apply to the University job shop scheme
- Try to find a part time job outside of University
- Get involved with University events, they sometimes pay you to help out