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Student Funding: Everything You Need to Prepare for University

by vmgAugust 29, 2020September 1, 2020FinanceLeave a Comment on Student Funding: Everything You Need to Prepare for University
Student Funding: Everything You Need to Prepare for University

So you’ve managed to survive the coronavirus crisis (so far), endured a chaotic shift in your A-level grades and an insane leap to earn a university spot and excluding year-long delays.

You have secured a place for yourself this fall and will continue on to university.

Once you have completed this attack course, a few other things – like managing your student finances – should be complimented.

OK, maybe that’s not a problem – obviously there are lots of additional challenges and concerns to consider this year because of the pandemic, and it’s a fast-moving situation. Several universities are in an uproar and everyone is busy thinking about how to ensure the best possible welfare for students and staff.

And then the question arises what students expect when they get there. How is the teaching and learning process? What if you wanted to learn remotely at first? What does all this mean for accommodation – will there be flexibility? After all, would you be able to afford to go to university because part-time jobs are likely to be hard to hope for in the future and many families have been hit hard on their finances because of the coronavirus? And what about the more recent week – will everything be online?

We can’t answer every single question people will have, but we can provide a wealth of information, advice and tips to help you prepare for university and avoid some of the potential pitfalls associated with the coronavirus.

How much will I spend?
Students at Oxford and Newcastle spend the most on alcohol, while students in Bristol typically spend the most on food. The city most accessible to students in 2020 is Manchester.

These are just part of the results of a NatWest survey of more than 2,800 students in the UK this June.

They were asked how much they spent on average each month on different topics. With the exception of renting, shopping, toiletries and household items, it’s a big coin at the typical £ 81 when going out (concerts, theater, cinema, clubs, etc.) and eating out (restaurants, cafes). , Restaurant food etc.) averaged £ 33 each.

The figure for alcohol, including drinks consumed at home and outdoors, is £ 29 per month.

Students also said they spent an average of £ 23 a month on electricity bills; £ 26 for a day trip; £ 15 for books, teaching materials, printing and library fees etc; £ 32 for clothes, shoes and accessories; £ 12 for cell phone bill and related expenses; and £ 11 for self-medication and well-being (fitness, beauty care, etc.).

However, there are some major regional differences. As for alcohol, the monthly fees at Oxford and Newcastle are £ 45 and £ 40 respectively – more than £ 18 for London and Leicester.

Likewise, the amounts you can expect for a beer in your university town range from £ 2.80 in Durham and £ 2.90 in Swansea to £ 4.50 in London and £ 5 in Cambridge.

Of course, there is no one-size-fits-all about how much money students will spend each month – the costs vary widely depending on where you go. While some students have cash, others look at every penny.

Your living expenses can be slightly higher for the first semester due to the books and equipment you need to buy, things you forgot to bring with you, and payment for private weekly events that are allowed to take place.

Wait until you reach your residence hall or dormitory before spraying. Evaluate what is out there. For example, Wilko is offering savings on a variety of student kitchen utensils through October 6, such as a Russell Hobbs Textures kettle and toaster which have been reduced from £ 20 to £ 15 each.

Find accommodation

If you attended the London School of Economics, how about a room at their High Holborn Residence, a self-contained room just minutes from Covent Garden and Soho? Sounds good, but for a single room (albeit with queen beds) the weekly rental is £ 304 – over £ 11,800 for 39 weeks’ rent. And that’s why you don’t even have your own bathroom – you have to share.

At the other end of the spectrum, Wolverhampton University and Wrexham Glindor have shared spaces starting at £ 90 a week.

According to the Save the Latest National Student Survey website, the average tuition fee is £ 142 per week. However, as can be seen from the example above, this image hides a large variety.

Most students choose to live on campus for the first year. And some have a dizzying range of options – just for luxury, private / partial / full, centrally located or miles away from the city, etc. Some people will know where they are headed for centuries and have chosen a room while others are still thinking about it. practice their skills.

This year there are a number of additional emissions due to the pandemic. Earlier this year there was anger that some home students were forced to pay for unused housing. So, if you want to live in university dormitories or private student accommodation, you should check the fine print and be aware of your rights and obligations and see if there is flexibility if Covid-19 continues to cause chaos.

Some universities have made changes – for example, Coventry has amended its accommodation agreements to allow students to submit what are known as “residence permits” and financial commitments if the campus is to be closed for 21 consecutive days or more.

Covid-19 means another change. Wolverhampton is one of the universities that provides dormitory rooms on campus for students to take courses in order to reduce the number of trips between locations.

How you pay and when tends to vary. Many universities require payment up front, but others do not charge until you move. Paying in three installments – usually in September / October, January, and April – is quite normal, although some universities accept monthly direct debit.

Choose the right account

You don’t have to have a student account, but they do offer features you won’t usually find anywhere else.

When you apply, you will be asked to provide proof of your student status. This can be an acceptance letter from your university, although some banks will ask for your Ucas “status code.”

For many, the main feature of student bank accounts – far more than free ones – is the amount of interest-free overdrafts offered.

Halifax and Santander have been offering students a steady overdraft of £ 1,500 since their freshman year, which is very generous, Halifax Overdraft Agreement of up to £ 1,500 for the duration of your course and one additional year upon completion for a maximum of six years. Santander costs £ 1,500 a year, two and three, £ 1,800 in year four and £ 2,000 if you stay in year five.

There are often conditions – for example at Santander, when you open an account you are given an overdraft limit of £ 250. To increase it to £ 1500 you need to pay £ 500 and continue to pay at least £ 500 per study period. .

Santander also offers a hefty bonus: a free 16-25 four-year railcard which allows students to save up to a third on most train fares.

HSBC introduces individuals with guaranteed interest limits of £ 1000 in the first year. You can then apply for a limit of £ 2,000 in the second year and £ 3,000 in the third year. Barclays and Nationwide have a wide variety of similar offerings.

NatWest, meanwhile, offers a £ 2,000 limit, although the maximum in the first term is £ 500.

Tagged : bank account / bank accounts / money / student funding / studying funds / wealth

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