70% of students wish they had a better financial education, according to the 2018 Student Money Survey.
For many people, university is the first time they've had to manage their money – and since student loans don't leave a lot of wiggle room, that can cause real problems. Understanding budgeting can help you to keep out of trouble.
But money problems aren't all down to bad budgeting. Only 39% of students say their student finance stretches far enough, and while the average student gets £138.50 a month from their parents to help out, that isn't available to everyone. If the student finance system isn't working for you, there are things you can do to make things easier:
- Make sure you're getting your full entitlement. If you don't include your parents' financial details on your student loan application, you'll only get 65% of the maximum loan available. Make sure they fill it in! If you are independent from your parents or not in contact with them, you may be able to get a bigger loan. If your parents won't fill in the form, this can cause problems: find out what you can do in this situation.
- Check for bursaries and scholarships: You might be able to get extra support from your university. Contact the university's student services department to find out what's on offer.
- Consider a part-time job alongside your studies
- Find out what to do if you're in trouble financially: It's best to know what you can do in an emergency before one happens!