Derwent Living

The number of financial difficulties students experience while studying has increased year on year. For many, tuition and accommodation fees are so expensive that some struggle to afford to pay it alone. If this is you, don’t worry; there are a number of different financial options that can provide assistance for students to overcome such difficulties.

Despite these increased fees, the argument for going to university still stands. There is still plenty of debate around the benefit of having a degree but it’s still widely accepted that it increases your chances of finding well paid work and such qualifications are used by employers to recruit the best members for their team.

The real issue however, is how to devise a strategy that mitigates the costings of higher education. The answers to this range from taking part time jobs, to lowering debt by studying closer to home.

 Let people know

Being in financial difficulty can be stressful and you may be too scared to tell anyone about your situation. However, though it may not be quick nor easy, there is a way out. Contact your student welfare advisers for help, and if appropriate, speak to your parents or boyfriend/girlfriend. Let an academic supervisor know if you think money worries are impacting on your academic work.

Adventum UniAcco

Try and claim for a bursary/scholarship

Nearly all universities across the world offer bursaries and scholarships that are paid annually on top of any student loan and grants claimed. Usually they should be applied for when the student loan application is made, and applications for bursaries and scholarships should be made each academic year. These however will not be given out lightly and your financial status will be severely looked at.

 Get yourself a job

Many student while studying in the UK, often work in the retail and hospitality industries because it fits around their studying schedule. With the rise of online retail and takeaway outlets, delivery companies are another alternative source of income to fund a student’s living costs. Many students also work full time during the holidays, especially in tourist areas where seasonal work is available.

Transportation costs

Being a student, it’s better to opt for public transport or even walk. Public transportation provides discounts and deals for students, so it’s well worth always having your student ID handy. For those living close to university, a bicycle is a good choice, they’re cheap and require less parking space.

Using cars will cost a lot more especially with the upkeep and maintenance costs, but for some it’s the only option. For those who have to take their car we’ve found a way you can get an MOT for as little as nothing. All you have to do is buy a product from a Halfords store, receive a code via email, and book your MOT test online for free at Halfords Autocentres.

Studying costs

These costs are associated with your degree, such as books, equipment and certain electronics. Some of these are compulsory, therefore you may be able to receive some extra financial support for those.

For most students, there is a recommended reading list. Rather than spending hundreds of pounds on brand new books, getting to know the university library and looking for second hand books sales from the students’ union is often the only choice.

Understanding the difference between wants and needs

Do you need a winter jacket while at university? Of course. Do you need a brand new, expensive winter jacket every year? Definitely not. You may want to have brand new, expensive winter jackets each year, but that doesn’t mean you need them.

When it comes to spending money at university, you need to differentiate between wants and needs. An everyday shop bought coffee is a want, not a need. The only way to combat your money troubles to ensure that you don’t spend what little money you have on unnecessary items.