Budgeting for university isn't just for students. Many parents find themselves financially supporting their child when they head off.
University for many students is the first time they become financially independent. Although students do become more financially stable and often take up part time jobs and loans, most student do need some form of financial assistance from parents or guardians throughout their time studying.
There are lots of different ways your family can prepare for university to make sure the students are ready and prepared for the finances that come with a degree.
Know your student finance basics
There are a lot of myths about student finances so we recommend you learn the facts so students are fully prepared for university life. Reading up on funding by Student finance and the different scholarships offered UK wide is a good way to out about any extra sources of financial aid available.
Working out their university costs
With most students applying for tuition loans to cover their fees the biggest worry for most students is living costs. Working out a rough estimate of costs is very useful as it helps to visualise how much they are likely to need for the year and how much additional to their student finance they are likely to need. You can get rent prices for our Orlando village on their website.
Make a shopping list
While you don’t necessarily have to start buying items really early in advance but it is useful to make a rough list of big purchases you might need to make over the coming months – kitchenware, bedding, tech, room décor and others. This can be cheaper and less stressful than racing around the shops two weeks before. Here is a good first year shopping list.
Collect loyalty cards
Starting loyalty cards is a great way for students to get different discount and promotions alongside often free coffees and lower priced goods. A great example of this is collecting food points at supermarkets for discount off your next food shop etc.
Other loyalties are made specifically for students. With Funds4Uni, your child simply needs to register as 'a cause' and you can get them cashback donations from over 3,300 retailers.
Applying for student finance
While your child can technically apply for student finance up to 9 to 12 months after the start of their course, there’s a recommended deadline to ensure their finance arrives in time for the start of term. It is easier to do in advance as there will be lots of forms and you have to send off evidence of your household incomes. Many students when applying for student finance they simply ticked a box consenting for their household income information to be shared with their UCAS choices, which could then get in touch with any relevant scholarships or bursaries they offered.
Additional funding opportunities
Alongside the University of Bolton grants and scholarships there are also a wide range of different scholarships and bursaries offered UK wide. Companies, charities and special-interest groups have a big pot of funding for students – roughly £150 million, according to the Scholarship Hub.
Student bank accounts
Different bank accounts offer students different deals with a range of overdraft limits, freebies and other advantages. It is key for students to compare different banks and find out which is best for them.
If you’re paying for your child’s journeys back and forth between university and home, it may be worth them opting for an account that offers a free four-year railcard. The 16-25 railcard costs just £30 annually and saves a third on rail fares.
Finding 0% overdraft can be a good idea, as one in five students rely on their overdraft to get by. Encourage your child to download their bank's app or set up text alerts so they can keep a beady eye on their balance and control their spending better.
Alternatively, chat with our current students who will be able to share this information with you and any other course-related queries.
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