الوضع الليلي
1:5:39 
2018-05-21 
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Becoming a student can be a strain on the bank balance, so make sure you know what to expect if you’re heading off to uni or college.
Money matters when you’re a student
Starting at university or college can be an exciting time, but also a little scary. This might be the first time you’re away from home for longer periods, and probably means it’s the first spell you’re really left in control of your finances.
How much will it cost me?
If you’re off to uni, you don’t have to pay tuition fees up front – in fact you only pay them back after you graduate once you earn more than £21,000 (£16,910 in Scotland or Northern Ireland).
But you do have to pay for the day to day costs of living, and research has shown that everything from rent to food can add up to nearly £10,000 a year. Half of that can easily be spent on somewhere to live, so you might decide to stay at home if you live nearby.
Don’t forget that prices will be different all over the UK, so it’s worth checking the websites of universities and further education colleges you like the look of, as most will have detailed information on the accommodation and livings costs you could expect to pay if you went there.
Have I got enough money?
Work out what the important costs are going to be and don’t forget to include any books or equipment your course requires. And you’ll need to start buying things like toilet roll too!
Once you know how much you need to spend on essentials, you need to see if you can afford it – that’s before you even start thinking about going out with your mates!
Essentials:
Non-essentials:
Total up what you’ll spend and what you’ll have coming in to see whether you’ll have enough or need to find more cash. You can use online tools like this budget planner from Money Advice Service to help you work out the sums. Gov.uk also has an online student finance calculator.
Where to get more money
Student maintenance loans – You can apply for money which you pay back after graduating. It’s paid out at the start of each term (monthly in Scotland). How much you’ll get can depend on factors such as how much money your parents earn and if you live at home. You’ll have to apply – there’s more info about this on the Student Loans Company website.
Grants and bursaries – These are special pots of money some students can apply for. You don’t need to pay them back. Whether you qualify could depend on things like how much your parents earn, the course you choose or if you have a child or a disability.
Part time work – If you earn less than £10,000 a year, you won’t pay any tax on it. Check out our Getting Paid factfile for more.
Stay clear of credit cards and payday loans if you can, as you’re likely to end up owing more than you can pay back.
Paying back your student loan
You don’t start paying loans back until you graduate and start earning more than £21,000 a year (£16,901 in Scotland and Northern Ireland). You’ll pay back 9% of your salary over that amount. It’ll be automatically taken straight out of your pay before you get it. Say you earn £25,000 a year, you’ll pay 9% of the £4,000 over £21,000 – that’s £340 a year, or £28 a month.
If you don’t pay it off within 30 years (or 35 years in Scotland), it could be written off, which means you don’t pay the rest.
What are the other options?
It may be that you're unsure about whether you want to go to uni. Have a look at our University - Is It For You? page, or this infographic may help you break down the costs of other choices...
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