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Starting university may be the first time you'll have had to manage your money. Diana Hinds offers some tips from the experts
If you've narrowly missed your grades but are successful in getting a new course through Clearing, this is a good moment to take a quiet, considered look at your finances: to check exactly what money you need, confirm where help is coming from and establish whether you have everything in place to start at university in the autumn.
University tuition fees for the majority of students are now around £9,000 per year (the average is £8,393). This sum will be paid by the government direct to your university in the form of a loan, which you will repay, plus interest, once you've graduated and are earning more than £21,000 a year.
Your living costs as a student will be in the region of £7,000 a year (more if you study in London), according to government figures, although some universities suggest a minimum budget of £8,000. A maintenance loan, paid directly into your bank account and repayable under the same conditions as the fee loan, will cover part of your living costs. The size of your loan depends on your total household income: all full-time students qualify for £3,575 per year, and how much more you receive depends on means testing (see table below).
Students from a household where the total income is less than £42,600 also qualify for a non-repayable maintenance grant (see table below). Many students, therefore, face a shortfall of up to £3-4,000 a year. This might be met through a combination of family support, university bursary, part-time job and bank overdraft.
National scholarships are available to students with a family income of £25,000 or less, and give you the first year of tuition fee-free. Most universities also run their own array of small bursary schemes: check their websites for details of how to apply.
Many students have part-time jobs, and some universities employ students to help with events like open days. Most colleges recommend no more than 16 hours a week.
Banks are keen to offer student overdrafts, usually interest-free, and the average student overdraft is £1,500 over three years. "But don't just go for the bank that offers the best present," says Kate White, head of student advice and welfare at the University of the West of England. "Look at how you are expected to pay it back."
Managing your budget is a vital skill. "Students only have three paydays – one at the beginning of each term," says Tricia Joyce, student financial support manager at Manchester Metropolitan University. "It can be difficult to ensure the money lasts until the start of the next term."
The online Ucas student budget calculator is helpful here. Students can also get advice from university financial support teams, including by phone before term begins.
Top money tips: making your money go further
• Plastic is not fantastic. When you go out clubbing bring a set amount of cash and leave your card safely at home.
• Get online banking. The perfect way to keep tabs on your spending.
• Freeze your assets! Buy your most expensive foods, such as meat and fish, in bulk and pop them in the freezer until their time comes.
• Get some magic beans. Studentbeans.co.uk is crammed full of vouchers and offers for students, including plenty of discount restaurant deals.
• Listen to the librarian. This year £50m was collected in University library fines across the UK.
• Check your insurance. Before you get roped into expensive contents insurance, make sure whether or not you are already covered by your parents' policy.
• Play by the book. Book all your travel to and from home as far in advance as possible, and get a young person's railcard.
• Better off by bike. Buy a bicycle and save a packet on small journeys. Some universities even offer their own termly cycle hire scheme.
• Free yourself. Find your local free entry club nights for some discount dancing.
• Pack up your troubles. Make a packed lunch every day to avoid expensive impulsive snack purchases.
Will Coldwell