Financial support for students

University expenses can burn a hole in your pocket. But there's plenty of options out there to help make it all a bit easier.

Good news! There’s financial help available for students in the UK – from grants to bursaries and everything in between. And if you’re wondering how to stretch that money a little further, we’ve got some tips for that too.

What financial support is available for students?

Whether you’re studying in the UK or an international student, here's the lowdown on what support you may be able to access:

Student loans for UK students

The UK government offers student loans to help cover your tuition fees and living costs. There are two main types:

• Tuition fee loan: This covers your course fees and is paid directly to your university. It’s repayable, but not until you're earning above a certain amount, this varies depending on what student loan plan you have.
• Maintenance loan: This helps with your living costs like rent, food, and travel. How much you get depends on your household income and where you're studying.

You don’t start repaying these loans until after you graduate and are earning above the threshold.

Grants and bursaries

Grants and bursaries are forms of financial support that you don’t have to pay back. They’re typically awarded based on your personal circumstances, such as family income, disabilities, or the course you're studying.

• Bursaries: Universities often provide bursaries for students from lower-income households. Check with your uni to see what’s available.
• Grants: You might be eligible for government grants, such as the Disabled Students’ Allowance (DSA).

If you’re studying medicine, dentistry, nursing, teaching, or social work, you’re in luck – the government offers specific funding to help you out. Plus, if you have a disability or dependents (kids or adults), there are extra grants available to lighten the load. On top of that, there are plenty of charities and trusts that can help with funding too.

Fancy getting paid while you study? You could apply for a degree apprenticeship – earn a salary, get your course fees covered, and do your training during working hours. Win-win!

Financial support for international students in the UK

International students, you’re not left out! Many UK universities offer scholarships or bursaries specifically for students from outside the UK. Look up funding opportunities through your chosen university or the British Council.

For more tailored advice, check out UK Council for International Student Affairs – they’ve got all the details on financial help for students coming from abroad.

How can students access financial support?

Don’t worry – getting access to financial support isn’t always as complicated as it sounds.

1. Apply for student loans: UK students can apply through Student Finance England - or the equivalent for Scotland, Wales, and Northern Ireland. Make sure to check the deadlines so you don’t miss out.
2. Look for bursaries and scholarships: Your university’s financial aid office is the best place to start when hunting for bursaries or scholarships. Don’t be shy – apply for as many as you’re eligible for!
3. Check for grants: Some government grants, like the special support grant, are available if you meet specific criteria. Apply through your student finance portal or directly through your university.

Top tip: Apply early! Financial support deadlines can sneak up on you, and applying early ensures you get your money when you need it most.

Create a student budget

Student life can be expensive, add in a pinch of inflation, and suddenly your morning coffee seems more like an investment than a treat.

Start thinking about your finances now

If you're starting university it's wise to get your money matters sorted before setting foot on campus. What’s your total average weekly spend going to be, and how much will you actually have coming in? A budget is basically your financial crystal ball – and you need one to avoid running out of cash when you least expect it.

Here’s how you sort it out

Step 1: List your outgoings

Here’s a quick rundown of typical student costs you’ll need to consider:

• Tuition fees
• Accommodation costs
• Textbooks
• Bills: Gas, electricity and water bills
• Home contents insurance
• Broadband
• Mobile phone
• Food
• Travel
• Car insurance
• Clothes
• Entertainment

Creating a budget might seem dull, but it’ll save you from being that student who has to live off baked beans for weeks. Start now, and you’ll be ahead of the game when uni life kicks off.

Step 2: Add up all of your income

Aside from student loans, grants, and bursaries, there are other ways to boost your income while at uni.

• Cash from parents - If you're lucky enough to be expecting financial help from your parents, it’s a good idea to agree on how much they’ll contribute, and when, before you start uni. That way, you’ll know exactly what to budget for.
• Part-time jobs - Many students pick up part-time work to help with living costs. It’s worth looking into the local job market around your uni before you get there, so you can get an idea of what’s available and typical wages.
• Savings you’ve built up - If you’ve saved some money, now’s the  - time to figure out how much you’re comfortable using while you’re at university.

Step 3: manage your outgoings

Managing your outgoings is key to making your student budget last. Once you’ve figured out what’s coming in and going out, you can get a handle on what your weekly budget should look like.

Here are some top tips to keep you on track:

• Stick to your budget - Once you’ve set your weekly budget, stick to it! No one wants to be broke halfway through the year. That said, factor in a little extra for the big events – like freshers' week, where students tend to splash out more than usual.
• Use more than one account - Having multiple accounts can help you manage your money better. Look into a savings account that's suitable for your needs.
• Pay essentials first - Make sure rent, bills, and groceries are covered before spending on fun stuff.
• Keep track of your spending - Regularly check your spending to make sure you're sticking to the plan. Banking apps can help you set alerts for when your balance is getting low, so you can adjust before things get tight.
• Look for student discounts - Student discounts are everywhere! From cinemas to cafes, even banks offer perks like travel cards or gift vouchers. Always have your student ID handy to save wherever you can.
• Get advice if you’re struggling - If money worries start piling up, don’t wait – ask for help. Many universities offer financial advice, and there are hardship funds or emergency loans available if things get tough.

Make sure your insurance covers you

Something else that could help you avoid losing money and going over budget is student contents insurance. It covers your belongings – like your laptop, phone, and clothes – against theft, loss, or damage. 

Before buying a new policy, check if your parents’ home insurance already covers you while you’re at uni – some policies include student contents insurance.

If you’ve got a car, don’t forget about student car insurance. It can be pricier since students are viewed as a risky group to insure on the road, especially as they tend to be young, inexperienced drivers. 

How to save on student insurance

To keep costs down, compare what's available in the market and shop about. You can use our site to find our best deals on both student contents and car insurance.