We want you to have the most enjoyable time possible while you are studying with KBS and worrying about Money is something that can detract from your studies. Here are the some top tips from us and the banks!?! As you start as a student it is important to ensure that you are ready financially. Graduate students at KBS are required to provide proof of their funding before arrival and so should have the funding they need. However, graduates and undergraduates alike can run into difficulties if they are not organised, so it’s a good idea to check your finances carefully.
Be prepared » Advice on preparing your finances, especially for undergraduates Hard up? » Help if you are having difficulties financially Kids? » There is support available for students who have children with them while at KBS. Disability Support » There are a number of sources of funding for disabled students. Stay in Control » It’s money that matters. A-Z of Money Contacts » A list of useful contacts about student finances. TV Licence » Important information if you want to have a television
Be prepared It is important to ensure that you take all the necessary steps before the start of the academic year in order to secure funding for your studies. Applying for financial aid requires time and attention. You may also need to ask your parents/guardians for information. Be sure to start this task in good time, and that way you will not be trying to complete forms when you start. It will also ensure that you have the funds you need. All funding can be split into two groups: grants and loans. Grants are sources of free money that do not have to be repaid. There are many kinds of grants available from bursaries to hardship grants. Loans must be repaid at some point, and commercial loans usually have very high interest rates, making them unsuitable for most students. Many banks offer an interest free overdraft, and this is, in a way, another form of a loan. There may not be interest to pay, but eventually any overdraft you use will have to be repaid.
Home (UK) students and EU students
Student Loans UK government student loans are subsidised and are available to UK students to help with living costs, and to UK and EU students to help pay for fees.
Tuition Fee Loan Depending on the course you do you can apply for a loan for the full amount of your University fees, and it will be paid directly to the University on your behalf by the Student Loans Company (SLC). This loan is not linked to household income. You will not pay anything until after you graduate; the date you start repaying depends on what you earn. All EU students will also be eligible to apply for the fees loan.
Student Maintenance Loan The exact amount of maintenance loan you can apply for depends on where you live in the UK and on your household income. Your maintenance loan will be paid to you near the start of each term.
Repayment of Loans You only start paying back your student loans for fees and maintenance after you have completed your studies and are earning more than £15,000 per year. For more information on when and how much you will repay visit the Directgov information website or see the SLC repayment site.
Maintenance Grants Maintenance grants are non-repayable support from the government to help with your living costs while at university. The exact amount you will get depends on your household income and where in the UK you live. The grant is paid in three instalments, one near the beginning of each term.
The Student Loan Depending on the course you do you may or may not be entitled to a student loan. The Student Loan is a controlled, sensible loan for students, and the repayments are related to income after you finish studying. There are two types of Student Loans available. You can take out either or both. The first is a Loan to cover your tuition fees, called the ‘Student Loan for Tuition Fees’. The second is for helping to cover the cost of accommodation and living expenses and is call the ‘Student Loan for Maintenance’. The Loan for tuition fees, depending upon when you applied, should cover the entire amount of your tuition fees, up to £3,145 if your course starts in 2010/11. The amount of loan you are entitled to for maintenance depends on your carers’ income. Your carers are usually your parents. If your parents are separated or divorced, or you have lost contact with one of your parents then your carers are the parent you are living with, and their partner (if they have one.) If you do not live with your parents but do have other guardians then they are your carers. If you support yourself, or live with a partner then you and your partner are the carers. You are entitled to 75% of the maximum amount that applies to you before income assessment. The final 25% is based upon income assessment.
In order to apply for the loan you must complete a form. Home students should contact their Local Education Authority (LEA) and ask for a PR1 (or a PN1 if you are a new student.) EU students should contact the Department for Education and Skills (DfES) and ask for an EU4F form. You can also apply online for both loans and grants here.
Each form is accompanied by notes and details about what documents you need to enclose (if any) and were to send the completed form. They will also provide helplines if you need assistance.
Information on the income assessment process can be found here.
When you arrive at KBS Your Student Loan for Tuition will be paid directly to your college by Student finance Direct.
What to do if you have difficulties In the first instance let your college office know that there is a problem. If you have some simple questions about what to do ask us for help. If you need a replacement Assessment form contact your LEA (or DfES for EU students) but be aware that this can take a few days. If your loan payment is late then let us know, as the college may place restrictions for students who have not paid their bills; many colleges will make allowances for late loan payments. Many questions about the loan and tuition fees can be answered by phoning your LEA, the DfES or the Student Loan Company. If your college can’t help, or refuses to help then contact the Student Advice Service for support.
Student bank accounts Most banks will offer special accounts for students, with incentives such as free railcards or vouchers which can be used in shops. When opening an account, ask banks what they can offer for students, and look around until you find a bank account which suits you best. Ideally a student bank account should have at least an interest free overdraft, just in case. You will also need a cheque book so that you can write cheques to cover expenses such as bills. See information at the top of the page
Hard up? Help if you are having difficulties financially
Financial difficulties can be worrying and can make being a student seem tough. KBS has a wide array of extra financial support available and if you are anxious, you should have a look at the possibilities. Speak to us. Undergraduates, here are some general guidelines:
• If you are a home student, have you taken all the support available from your LA and the Student Loans Company?
• If you are an EU student or overseas student, have you ensured that you came to London with enough money to cover all your costs?
Access to Learning Fund (ALF) This is a government hardship fund that students apply to through their college. Generally if you are a home student or from the Republic of Ireland you are eligible to apply. If you are of refugee status, or are dependent on someone of refugee status, or in a similar situation you may be eligible to apply. Details about who can apply and how to apply accompany the forms given out by colleges. Ask the office for details.
The fund is designed to meet your shortfall between income and expenditure. You will be asked for detailed information about how you spend your money and your sources of income, with supporting evidence (eg bank statements.) The office staff will then feed this information into a computer programme and the application will be assessed automatically. Once an amount of hardship support is offered it cannot be changed, and to get more support another application is necessary.
The support described below is available to students reading for their first undergraduate degree. Some of the support is only available to UK students and some support is only available to UK and EU students. The organisation that you apply to for this support depends on where in the UK or EU you live and you will need to apply for support for each year of your course. The information provided here applies to all students who are eligible for government support.
Schools Competition Act Settlement Trust The Trust offers a range of awards to graduates and one award for undergraduates who are alumni of fifty independent schools in the UK click here for a full list). For the 2010/11 academic year, two graduate research scholarships of £15,000 tenable for up to three are offered to new or continuing students, and up to 125 graduate bursaries of £2,500 are also offered for 2010/11. The Trust is also offering up to 125 undergraduate bursaries of £1,500. The closing date is 15 June 2010 for the graduate research scholarships, 1 September 2010 for the graduate bursaries and 30 October 2010 for the undergraduate bursaries. Applicants must be aged between 18-30, have attended one of the eligible schools after 15 September 2002 and at least six years must have elapsed from the date that you first entered the school.
Kids? There is support available for students who have children with them while at KBS.
Access to Learning Fund (ALF) There is provision for childcare costs in the ALF. If you want some help with the form contact the Union.
Childcare Fund Overseas and EU students are eligible to apply for this fund if facing unforseen financial hardship. Funding come from the University. The Childcare Fund provides funding to help with the cost of childcare provision in order to help students complete their studies. Apply to the Student Funding and International Office, the contact details are in the directory at the end of the section.
Childcare Grant This is funding provided by the government and students apply through their LA (formerly LEA). This is for childcare provision costs for full time students with dependent children in registered or approved childcare. It is based on actual childcare costs and is means tested.
Child Tax Credits These replace ‘Dependents Grant for children’. It is means tested on income and circumstances (by the Inland Revenue.). You don’t have to be working to claim it. See www.dfes.gov.uk and www.taxcredits.inlandrevenue.gov.uk
Finding out more If you want to find out more just come and talk to us
Disability Support There are a number of sources of funding for disabled students.
Disabled Student’s Allowance (DSA) DSAs are available to all UK (“home”) students. They are not means-tested and the assistance does not have to be repaid. Applications are made through the student’s LA (formerly LEA) and further details can be found at on the University’s Disability Office website.
The Dyslexia Fund Speak to us and we can help.
Stay in Control Keeping on top of your finances You should have your basic funding provision in place at the beginning of each term. This means that it is relatively straightforward to manage and budget your resources effectively. If your circumstances do change, then there are ways to alter your income accordingly. University can lead to a high degree of impulsive spending. With so much to do and the independent learning afforded through university, it often seems that the best thing to do on a night off is to go out and enjoy yourself. This means it is very easy to spend money. This page offers some suggestions for keeping your finances under control.
Are you in control of your finances? Do you know what your current balance is or do you wait until your bank sends you a statement and hope for the best?
Are you always confident that you will be able to withdraw money when you want to? Do you find you are using ‘cash-back’ as a way of bridging the gap between one payment into your account and another?
Do you use a credit card when you are short of money because you think you will have more next month? The only way you can be in control of your money is if you are aware of how much you have and how you are spending it. Although this may seem tedious, in this way you can avoid the worry of not knowing, and the anxiety that comes when you run out.
Managing your money It’s important to have a good understanding of where your income comes from and where you spend it. There are simple steps you can take to manage your finances: Make a list of your income and your expenditure. This should include your Student Loan/grants/awards etc and any paid vacation work.
Deduct all the large one-off payments for the term such as fees, rent and any other important bills. These bills won’t go away, so make sure you can pay them.
Take regular bills into account, like those for your mobile phone.
Make sure you have enough money for the vacation. If you are going home this needs to include transport. If you are staying in London this needs to include living costs. You may be entitled to a vacation grant if you are staying in London.
Check to make sure that you have no other regular bills to pay out. Divide what is left over by eight and this will be roughly how much is available to you to spend each week during term time.
Remember that if you smoke this will add to your living costs, so make sure you budget for cigarettes.
Some students keep accurate records of how much they have spent in a notebook or on their computer. This can be time consuming at times, but it is the best way to keep track of how much money you have available.
Most students use cash machines to withdraw money. If you do, check your balance as often as you can to make sure that you know how much money you have. It’s a good idea to keep an up-to-date receipt in your purse or wallet at all times, just in case you forget.
Some students choose to withdraw money at the beginning of the week, then put their cards away so that they cannot take any more money until the next week. This is a good way of making sure that you do not overspend, and if you find that you do need to overspend, you know how often and how much.
Other tips Do not get a credit card or store card. Though your bank may understand about you overdrawing on your account, failure to pay credit/store card bills of this sort will affect your credit rating and may have an impact on you in the future.
A student loan is a highly controlled, sensible form of debt. Do not think that borrowing an extra £1000 from private resources does not matter because you are borrowing from SLC. Private loans have a far more rigorous repayment method that is not income related. This is the type of debt that will be difficult to control once you graduate.
If you do not have a regular income, then switch your mobile phone to a Pay as You Go contract. This way, if you cannot afford it, you will not buy it. Let others phone you.
Don’t spend large sums in bookshops on CDs and convince yourself that it was for your degree.
Don’t agree to eat out with friends if you cannot afford it. Bills are customarily split on these occasions, however frugal you have been.
If you drink, drink in the college bar. This does not necessarily have to be followed by a night out.
Think about getting a vacation job. Visit the Careers Service for advice on how to find employment in the long summer vacation. This makes a huge difference to your term time fun and earns you valuable CV points. Be realistic though; your academic work shouldn’t suffer because you have no time to spend on it during the vacations.
Talk to someone in college, perhaps a senior tutor, if financial worries are getting in the way of your work; there may be sources of financial help you haven’t thought of! Be in control of your own spending and finances and then you will avoid worrying about it.
A-Z of Money Contacts A list of useful contacts concerning student finances.
Student Loans Company England – 0845 607 7577
Wales – 0845 602 8845
N Ireland – 0845 600 0662
Scotland – 0845 111 1711
Opening times 9:am-5:30pm Monday to Friday
TV Licence Important information if you want to have a television TV Licensing, students and the law
When do you need a TV Licence? You need a TV License to watch or record TV programmes, irrespective of what channel you’re watching, what device you are using (TV, computer, laptop, mobile phone or any other), and how you receive them (terrestrial, satellite, cable, via the Internet or any other way). If you don’t have a licence you risk prosecution and a fine of up to £1,000.
This means that if you are watching or recording live broadcasts via the BBC iPlayer you need to be covered by a TV Licence. If you are only watching or downloading programmes that have already been broadcast using the iPlayer or other Internet services, a licence is not required.
In some cases you and your flatmates will each require your own separate licence for the TVs in your rooms, and in others one licence may be sufficient between all your flatmates, regardless of the number of devices in the property. The tenancy agreement on your property is a start.
For example: • You need your own separate TV Licence if you live in halls of residence and use a TV in your own room, or if you share a house with other students and use a TV in your room, and your room is a separately occupied place (a separate tenancy agreement would normally indicate that this is the case).
• If you have a separate tenancy agreement but a television is only being used in a communal area, then only one licence is required.
• If you are sharing a house with other students and you use a TV in your own room, but the house can be treated as one place shared by all, then only one TV Licence is required (a joint tenancy agreement would usually be evidence that the house is a single licensable place for this purpose).
Aren’t I covered by my parents’ TV Licence? Your parents’ TV Licence will only cover you in your student accommodation in the following limited circumstances:
• You only use TV receiving equipment which is powered by its own internal batteries
• You haven’t installed the TV receiving equipment, for example you haven’t connected the TV receiving equipment to an aerial or plugged it into the mains supply
• Your permanent place of residence is your parents’ house
• Your parents have a valid TV Licence for their house.
What if I am moving out of my student accommodation? If you are moving out of halls or other student accommodation, remember that your TV Licence does not move with you and you will need to notify TV Licensing of your new address. You can update your details by visiting www.tvlicensing.co.uk and following the instructions. It only takes a minute or two. You’ll be asked for your TV Licence number and new address. At the same time you can choose to receive your TV Licence by email instead of receiving a paper licence in the post.
I don’t need my TV Licence over the summer, can I get a refund? If you are not staying at university over the summer and do not need your TV Licence again before it expires, you are entitled to a refund of any unused quarters (three full calendar months). So long as you purchased your TV Licence in October and don’t need it for July, August and September, you could be eligible for a refund. Most students would need to buy a TV Licence at the beginning of term in October in order to allow enough time at the end of the year to qualify for a refund. Assuming that a TV Licence is purchased in the month it is needed, it will expire 12 months from the first of that month.
To check if you are eligible for a refund, visit TV Licensing or call 0844 800 6734.
How will anyone know if I don’t have a TV Licence? TV Licensing’s database lists addresses that don’t have a TV Licence, including university accommodation and enquiry officers do visit unlicensed properties. If you use television-receiving equipment without a valid TV Licence, you risk prosecution and a fine of up to £1,000, plus court costs, and you will need to buy a TV Licence if you still need one. A colour licence costs £142.50. Students requiring further information should contact TV Licensing on 0844 800 6734. To find out about the many ways you can pay for your TV Licence, including Direct Debit, TV Licensing
If you need help with anything else please don’t hesitate to contact us.
Money Money Money
We want you to have the most enjoyable time possible while you are studying with KBS and worrying about Money is something that can detract from your studies. Here are the some top tips from us and the banks!?! As you start as a student it is important to ensure that you are ready financially. Graduate students at KBS are required to provide proof of their funding before arrival and so should have the funding they need. However, graduates and undergraduates alike can run into difficulties if they are not organised, so it’s a good idea to check your finances carefully.
BARCLAYS Student Account
NATWEST Student Account
HSBC Student Account
Be prepared »
Advice on preparing your finances, especially for undergraduates
Hard up? »
Help if you are having difficulties financially
Kids? »
There is support available for students who have children with them while at KBS.
Disability Support »
There are a number of sources of funding for disabled students.
Stay in Control »
It’s money that matters.
A-Z of Money Contacts »
A list of useful contacts about student finances.
TV Licence »
Important information if you want to have a television
Be prepared
It is important to ensure that you take all the necessary steps before the start of the academic year in order to secure funding for your studies. Applying for financial aid requires time and attention. You may also need to ask your parents/guardians for information. Be sure to start this task in good time, and that way you will not be trying to complete forms when you start. It will also ensure that you have the funds you need. All funding can be split into two groups: grants and loans. Grants are sources of free money that do not have to be repaid. There are many kinds of grants available from bursaries to hardship grants. Loans must be repaid at some point, and commercial loans usually have very high interest rates, making them unsuitable for most students. Many banks offer an interest free overdraft, and this is, in a way, another form of a loan. There may not be interest to pay, but eventually any overdraft you use will have to be repaid.
Home (UK) students and EU students
Student Loans
UK government student loans are subsidised and are available to UK students to help with living costs, and to UK and EU students to help pay for fees.
Tuition Fee Loan
Depending on the course you do you can apply for a loan for the full amount of your University fees, and it will be paid directly to the University on your behalf by the Student Loans Company (SLC). This loan is not linked to household income. You will not pay anything until after you graduate; the date you start repaying depends on what you earn. All EU students will also be eligible to apply for the fees loan.
Student Maintenance Loan
The exact amount of maintenance loan you can apply for depends on where you live in the UK and on your household income. Your maintenance loan will be paid to you near the start of each term.
Repayment of Loans
You only start paying back your student loans for fees and maintenance after you have completed your studies and are earning more than £15,000 per year. For more information on when and how much you will repay visit the Directgov information website or see the SLC repayment site.
Maintenance Grants
Maintenance grants are non-repayable support from the government to help with your living costs while at university. The exact amount you will get depends on your household income and where in the UK you live. The grant is paid in three instalments, one near the beginning of each term.
The Student Loan
Depending on the course you do you may or may not be entitled to a student loan. The Student Loan is a controlled, sensible loan for students, and the repayments are related to income after you finish studying. There are two types of Student Loans available. You can take out either or both. The first is a Loan to cover your tuition fees, called the ‘Student Loan for Tuition Fees’. The second is for helping to cover the cost of accommodation and living expenses and is call the ‘Student Loan for Maintenance’. The Loan for tuition fees, depending upon when you applied, should cover the entire amount of your tuition fees, up to £3,145 if your course starts in 2010/11. The amount of loan you are entitled to for maintenance depends on your carers’ income. Your carers are usually your parents. If your parents are separated or divorced, or you have lost contact with one of your parents then your carers are the parent you are living with, and their partner (if they have one.) If you do not live with your parents but do have other guardians then they are your carers. If you support yourself, or live with a partner then you and your partner are the carers. You are entitled to 75% of the maximum amount that applies to you before income assessment. The final 25% is based upon income assessment.
In order to apply for the loan you must complete a form. Home students should contact their Local Education Authority (LEA) and ask for a PR1 (or a PN1 if you are a new student.) EU students should contact the Department for Education and Skills (DfES) and ask for an EU4F form. You can also apply online for both loans and grants here.
Each form is accompanied by notes and details about what documents you need to enclose (if any) and were to send the completed form. They will also provide helplines if you need assistance.
Information on the income assessment process can be found here.
When you arrive at KBS
Your Student Loan for Tuition will be paid directly to your college by Student finance Direct.
What to do if you have difficulties
In the first instance let your college office know that there is a problem. If you have some simple questions about what to do ask us for help. If you need a replacement Assessment form contact your LEA (or DfES for EU students) but be aware that this can take a few days. If your loan payment is late then let us know, as the college may place restrictions for students who have not paid their bills; many colleges will make allowances for late loan payments. Many questions about the loan and tuition fees can be answered by phoning your LEA, the DfES or the Student Loan Company. If your college can’t help, or refuses to help then contact the Student Advice Service for support.
Student bank accounts
Most banks will offer special accounts for students, with incentives such as free railcards or vouchers which can be used in shops. When opening an account, ask banks what they can offer for students, and look around until you find a bank account which suits you best. Ideally a student bank account should have at least an interest free overdraft, just in case. You will also need a cheque book so that you can write cheques to cover expenses such as bills. See information at the top of the page
Hard up?
Help if you are having difficulties financially
Financial difficulties can be worrying and can make being a student seem tough. KBS has a wide array of extra financial support available and if you are anxious, you should have a look at the possibilities. Speak to us. Undergraduates, here are some general guidelines:
• If you are a home student, have you taken all the support available from your LA and the Student Loans Company?
• If you are an EU student or overseas student, have you ensured that you came to London with enough money to cover all your costs?
Access to Learning Fund (ALF)
This is a government hardship fund that students apply to through their college. Generally if you are a home student or from the Republic of Ireland you are eligible to apply. If you are of refugee status, or are dependent on someone of refugee status, or in a similar situation you may be eligible to apply. Details about who can apply and how to apply accompany the forms given out by colleges. Ask the office for details.
The fund is designed to meet your shortfall between income and expenditure. You will be asked for detailed information about how you spend your money and your sources of income, with supporting evidence (eg bank statements.) The office staff will then feed this information into a computer programme and the application will be assessed automatically. Once an amount of hardship support is offered it cannot be changed, and to get more support another application is necessary.
The support described below is available to students reading for their first undergraduate degree. Some of the support is only available to UK students and some support is only available to UK and EU students. The organisation that you apply to for this support depends on where in the UK or EU you live and you will need to apply for support for each year of your course. The information provided here applies to all students who are eligible for government support.
Schools Competition Act Settlement Trust
The Trust offers a range of awards to graduates and one award for undergraduates who are alumni of fifty independent schools in the UK click here for a full list). For the 2010/11 academic year, two graduate research scholarships of £15,000 tenable for up to three are offered to new or continuing students, and up to 125 graduate bursaries of £2,500 are also offered for 2010/11. The Trust is also offering up to 125 undergraduate bursaries of £1,500. The closing date is 15 June 2010 for the graduate research scholarships, 1 September 2010 for the graduate bursaries and 30 October 2010 for the undergraduate bursaries. Applicants must be aged between 18-30, have attended one of the eligible schools after 15 September 2002 and at least six years must have elapsed from the date that you first entered the school.
Economic and Social Research Council (ESRC)
Kids?
There is support available for students who have children with them while at KBS.
Access to Learning Fund (ALF)
There is provision for childcare costs in the ALF. If you want some help with the form contact the Union.
Childcare Fund
Overseas and EU students are eligible to apply for this fund if facing unforseen financial hardship. Funding come from the University. The Childcare Fund provides funding to help with the cost of childcare provision in order to help students complete their studies. Apply to the Student Funding and International Office, the contact details are in the directory at the end of the section.
Childcare Grant
This is funding provided by the government and students apply through their LA (formerly LEA). This is for childcare provision costs for full time students with dependent children in registered or approved childcare. It is based on actual childcare costs and is means tested.
Child Tax Credits
These replace ‘Dependents Grant for children’. It is means tested on income and circumstances (by the Inland Revenue.). You don’t have to be working to claim it. See www.dfes.gov.uk and www.taxcredits.inlandrevenue.gov.uk
Finding out more
If you want to find out more just come and talk to us
Disability Support
There are a number of sources of funding for disabled students.
Disabled Student’s Allowance (DSA)
DSAs are available to all UK (“home”) students. They are not means-tested and the assistance does not have to be repaid. Applications are made through the student’s LA (formerly LEA) and further details can be found at on the University’s Disability Office website.
The Dyslexia Fund
Speak to us and we can help.
Stay in Control
Keeping on top of your finances
You should have your basic funding provision in place at the beginning of each term. This means that it is relatively straightforward to manage and budget your resources effectively. If your circumstances do change, then there are ways to alter your income accordingly. University can lead to a high degree of impulsive spending. With so much to do and the independent learning afforded through university, it often seems that the best thing to do on a night off is to go out and enjoy yourself. This means it is very easy to spend money. This page offers some suggestions for keeping your finances under control.
Are you in control of your finances?
Do you know what your current balance is or do you wait until your bank sends you a statement and hope for the best?
Are you always confident that you will be able to withdraw money when you want to?
Do you find you are using ‘cash-back’ as a way of bridging the gap between one payment into your account and another?
Do you use a credit card when you are short of money because you think you will have more next month?
The only way you can be in control of your money is if you are aware of how much you have and how you are spending it. Although this may seem tedious, in this way you can avoid the worry of not knowing, and the anxiety that comes when you run out.
Managing your money
It’s important to have a good understanding of where your income comes from and where you spend it. There are simple steps you can take to manage your finances: Make a list of your income and your expenditure. This should include your Student Loan/grants/awards etc and any paid vacation work.
Deduct all the large one-off payments for the term such as fees, rent and any other important bills. These bills won’t go away, so make sure you can pay them.
Take regular bills into account, like those for your mobile phone.
Make sure you have enough money for the vacation. If you are going home this needs to include transport. If you are staying in London this needs to include living costs. You may be entitled to a vacation grant if you are staying in London.
Check to make sure that you have no other regular bills to pay out. Divide what is left over by eight and this will be roughly how much is available to you to spend each week during term time.
Remember that if you smoke this will add to your living costs, so make sure you budget for cigarettes.
Some students keep accurate records of how much they have spent in a notebook or on their computer. This can be time consuming at times, but it is the best way to keep track of how much money you have available.
Most students use cash machines to withdraw money. If you do, check your balance as often as you can to make sure that you know how much money you have. It’s a good idea to keep an up-to-date receipt in your purse or wallet at all times, just in case you forget.
Some students choose to withdraw money at the beginning of the week, then put their cards away so that they cannot take any more money until the next week. This is a good way of making sure that you do not overspend, and if you find that you do need to overspend, you know how often and how much.
Other tips
Do not get a credit card or store card. Though your bank may understand about you overdrawing on your account, failure to pay credit/store card bills of this sort will affect your credit rating and may have an impact on you in the future.
A student loan is a highly controlled, sensible form of debt. Do not think that borrowing an extra £1000 from private resources does not matter because you are borrowing from SLC. Private loans have a far more rigorous repayment method that is not income related. This is the type of debt that will be difficult to control once you graduate.
If you do not have a regular income, then switch your mobile phone to a Pay as You Go contract. This way, if you cannot afford it, you will not buy it. Let others phone you.
Don’t spend large sums in bookshops on CDs and convince yourself that it was for your degree.
Don’t agree to eat out with friends if you cannot afford it. Bills are customarily split on these occasions, however frugal you have been.
If you drink, drink in the college bar. This does not necessarily have to be followed by a night out.
Think about getting a vacation job. Visit the Careers Service for advice on how to find employment in the long summer vacation. This makes a huge difference to your term time fun and earns you valuable CV points. Be realistic though; your academic work shouldn’t suffer because you have no time to spend on it during the vacations.
Talk to someone in college, perhaps a senior tutor, if financial worries are getting in the way of your work; there may be sources of financial help you haven’t thought of! Be in control of your own spending and finances and then you will avoid worrying about it.
A-Z of Money Contacts
A list of useful contacts concerning student finances.
Student Loans Company
England – 0845 607 7577
Wales – 0845 602 8845
N Ireland – 0845 600 0662
Scotland – 0845 111 1711
Opening times 9:am-5:30pm Monday to Friday
Student Awards Agency (Scotland)
0845 1111711
Email
Opening times 8:30am-5:00pm Monday-Thursday, 8:30am-4:30pm Friday
Credit Action
Free advice and help with debt management.
0800 591084
Email
Opening times 8am-8pm Monday-Friday
Other Useful Websites
www.direct.gov.uk/studentfinance
www.ucas.ac.uk
www.support4learning.org.uk
www.studentmoney.org
TV Licence
Important information if you want to have a television
TV Licensing, students and the law
When do you need a TV Licence?
You need a TV License to watch or record TV programmes, irrespective of what channel you’re watching, what device you are using (TV, computer, laptop, mobile phone or any other), and how you receive them (terrestrial, satellite, cable, via the Internet or any other way). If you don’t have a licence you risk prosecution and a fine of up to £1,000.
This means that if you are watching or recording live broadcasts via the BBC iPlayer you need to be covered by a TV Licence. If you are only watching or downloading programmes that have already been broadcast using the iPlayer or other Internet services, a licence is not required.
In some cases you and your flatmates will each require your own separate licence for the TVs in your rooms, and in others one licence may be sufficient between all your flatmates, regardless of the number of devices in the property. The tenancy agreement on your property is a start.
For example:
• You need your own separate TV Licence if you live in halls of residence and use a TV in your own room, or if you share a house with other students and use a TV in your room, and your room is a separately occupied place (a separate tenancy agreement would normally indicate that this is the case).
• If you have a separate tenancy agreement but a television is only being used in a communal area, then only one licence is required.
• If you are sharing a house with other students and you use a TV in your own room, but the house can be treated as one place shared by all, then only one TV Licence is required (a joint tenancy agreement would usually be evidence that the house is a single licensable place for this purpose).
Aren’t I covered by my parents’ TV Licence?
Your parents’ TV Licence will only cover you in your student accommodation in the following limited circumstances:
• You only use TV receiving equipment which is powered by its own internal batteries
• You haven’t installed the TV receiving equipment, for example you haven’t connected the TV receiving equipment to an aerial or plugged it into the mains supply
• Your permanent place of residence is your parents’ house
• Your parents have a valid TV Licence for their house.
What if I am moving out of my student accommodation?
If you are moving out of halls or other student accommodation, remember that your TV Licence does not move with you and you will need to notify TV Licensing of your new address. You can update your details by visiting www.tvlicensing.co.uk and following the instructions. It only takes a minute or two. You’ll be asked for your TV Licence number and new address. At the same time you can choose to receive your TV Licence by email instead of receiving a paper licence in the post.
I don’t need my TV Licence over the summer, can I get a refund?
If you are not staying at university over the summer and do not need your TV Licence again before it expires, you are entitled to a refund of any unused quarters (three full calendar months). So long as you purchased your TV Licence in October and don’t need it for July, August and September, you could be eligible for a refund. Most students would need to buy a TV Licence at the beginning of term in October in order to allow enough time at the end of the year to qualify for a refund. Assuming that a TV Licence is purchased in the month it is needed, it will expire 12 months from the first of that month.
To check if you are eligible for a refund, visit TV Licensing or call 0844 800 6734.
How will anyone know if I don’t have a TV Licence?
TV Licensing’s database lists addresses that don’t have a TV Licence, including university accommodation and enquiry officers do visit unlicensed properties. If you use television-receiving equipment without a valid TV Licence, you risk prosecution and a fine of up to £1,000, plus court costs, and you will need to buy a TV Licence if you still need one. A colour licence costs £142.50. Students requiring further information should contact TV Licensing on 0844 800 6734. To find out about the many ways you can pay for your TV Licence, including Direct Debit, TV Licensing
If you need help with anything else please don’t hesitate to contact us.