Finance at university: The ultimate freshers guide

It doesn’t need to be, though. In fact, once you’ve understood a few basic things, your money worries will suddenly seem a lot easier to deal with.  

You’d be surprised at the number of students who set off for halls without any idea of the amount of money they have available to spend on any given week.  

If you need to factor in travel costs, work out how much a student train ticket or bus pass will be for the term, and budget this in. Consider buying a second-hand bicycle if you're fit enough to cycle to and from lectures, too. If you live on campus in your first year – in university halls, for example – you’ll likely save on transport to uni by walking to lectures. 

When it comes to food, work out a few basic recipes that you can make every week. That way, you’ll know roughly how much you’ll need to budget for your weekly shop. Avoid the temptation of fast food - the toll adds up fast. 

You’ll of course also have your rent to pay, and this could also be termly or monthly. Don’t forget to factor in things like printing, books, stationery and most importantly, fun. 

The great thing about being a student is getting student discounts. Even if somewhere isn't advertising a discount, ask before you buy as you could get 10% off just by asking nicely. 

Look for student versions of things, too. Software comes with special discounts if you buy it via your university email address, for example. You could even save money on tech like laptops by buying through the Apple Student Store. 

Amazon Prime offers half-price Prime for students - and websites like Student Beans and UniDays get you exclusive discounts across loads of online shops, too. Check TasteCard or similar deals too, for extra discounts when you're out and about. The Totum Card is the de facto student discount card. There's a membership fee - but this easily pays for itself with a few purchases. 

Look into whether there are any academic scholarships that are available via your university. If you’ve gone through clearing or adjustment, you might not know about the schemes available to you. Make sure you investigate. You never know what you might find!  

Scholarships are sometimes just for the first, second, or third year of study. So, even if you don't get one this year - make sure you check what's available in upcoming years as you could get more money later. 

Most high street banks offer student bank accounts, which are specially designed to help you out with your fresher finances. Student bank accounts often have several perks, such as: 

Lots of student accounts come with arranged overdrafts, the majority of which will increase their limit the longer you have the account. Overdrafts are an invaluable tool for a student, especially if they come interest-free.  

Of course, you should do your best not to live in your overdraft whilst you’re a student. But we know that might be easier said than done. If you do spend a lot of the month (or term) making use of your overdraft, just make sure you’re aware if there are any charges involved.  

Remember, your overdraft goes with you once you graduate. Some bank accounts automatically transfer you to a graduate account. These have no or low interest on overdrafts for a while - but could be on less than your student account overdraft. You'll also have a limited time to pay off your overdraft before the whopping standard overdraft fees kick in! 

Ah, student loans. A pain to apply for, and a debt that you’ll probably never end up paying off… but a necessary help when you’re paying for accommodation and generally going about your life at university. Chances are that if you’re starting university in the next few weeks you’ll already have applied for your loan. But if not, here are the basics.  

Your student loan comes in two forms: your tuition fee loan, which you’ll never see as it goes directly to the university, and your maintenance loan, which you use to live and pay your expenses. Both parts of the loan are applied for via the student finance companies for each of the UK nations: Student Finance England, Student Awards Agency Scotland, Student Finance Wales and Student Finance Northern Ireland.  

The money goes directly into your bank account every term, allowing you to pay your rent, buy your food and books, and hopefully have a bit of a social life. If you’re a Scottish student in Scotland, you won’t have to pay fees - but you will still have to apply for your maintenance loan in the same way as students in England, Wales and Northern Ireland. You can find out more about applying for student finance through UCAS. 

There are also grants available to students in certain circumstances. Grants don't have to be paid back, unlike student loans or overdrafts. You might get a regular grant payment or a one-off, depending on the source and what you need it for. 

First, find out if you're eligible for the Student Support Grant instead of the Maintenance Grant from the Student Finance company in your region. If you're on a low income, a single parent, or have a disability, you could qualify. The amount is the same as the Maintenance Grant - however, it won't reduce how much you can get on the Maintenance Loan (unlike the Maintenance Grant). 

Your course may also come with extra bursaries or grants, depending on where you study. NHS students studying to become a nurse, for example, could receive extra funding. Social workers and teachers in training also qualify. Speak to your course provider to find out what you could be eligible to claim. 

If you have dependents, are on a low income or have a disability, for example, you might find that you’re entitled to money that you don’t have to pay back. Medical, social work and teacher training students are also eligible for grants. Check with your university, too. Many offer their own grants for small things, hardship payments, or extra help for those with disabilities. 

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