Financial Advice
Help on managing your money while you're at University.
You not only need money to pay for your tuition fees, you also need to budget for your day-to-day living. The amount you'll need for living costs will depend on your circumstances and your own personal tastes. It will also depend on:
- whether you’re full-time or part-time
- the length of your academic year
- the type of accommodation you choose
- if you have dependants who live with you
- the course you’re studying
Student finance advisers
Our student finance advisers can provide:
- professional and impartial advice to all current and prospective students about student funding and finance related matters
- individual and tailored one-to-one appointments for registered students
- educative workshops and group information sessions (on request)
- information leaflets and online resources
They can help you if you:
- want help managing your money and planning a budget
- want to know about the funding you may be eligible to apply for
- have queries about your statutory funding (student loan and fee loan)
- want information about bursaries, scholarships and other funding schemes
- need information about a range of student finance related topics such as student bank accounts, help with NHS prescription costs, placement funding and more.
There are a few things the Student Finance Advisers don't help with:
- for Turing funding please approach the Global Opportunities Team
- for benefits, debt management and consumer issues you can seek support externally from Information Now, Welfare Rights, Citizens Advice and Step Change
- if you have accommodation debt with a private landlord please approach the Housing Officer in the Student Advice Centre.
Contact the Student Finance Advisers by emailing us.
Canvas course
Money matters, making the most of your money at uni
Sign up for our online money management course on Canvas. The course is divided into five modules and it takes approximately one hour to finish it:
- How am I going to manage? The basics of income and expenditure
- Budgeting
- Staying safe from fraud
- Money and your wellbeing
- Supermarket shopping and healthy eating habits
The course is aimed at UK undergraduate students. We’re working to expand the course in the future.
The course isn’t mandatory, and it won’t give you credits towards your degree. You can read through the modules in your own time, there are no deadlines and you do not need to complete it all at once.
Budgeting and money management
You might feel daunted by looking after your money as a student. Setting a budget is a great way to plan how much money you have coming in while taking control of what’s going out. Paying the bills is the priority, but keeping money aside for fun is also important. Learning to manage your money gives you the balance you need while you’re a student, but you’ll also be learning a skill for life.
Budgeting Sessions
Our Student Finance Advisers can help with your budget. You can:
- Discuss your current budget and how to improve it
- Chat about how to set up a long-term budget
- Talk about what might be going wrong if you can’t stick to a budget
- Set up a brand new budget from scratch with us
If you’d like a one-to-one budgeting session please contact us.
International Students
You can find useful information about money management as an International Student through the British Council.
Banking and credit
From receiving loan instalments and wages to paying your bills, you’ll benefit from having your own bank account while you’re at University.
There is an enormous range of bank accounts available. It will depend upon your personal circumstances which accounts you are eligible to apply for. If you need to borrow money, consider all of your options and make sure you understand the contract you’re entering.
Direct debits and standing orders
You may find it convenient to pay your rent, fees and bills by direct debit. This is where you give permission to a company to take money from your bank account at an agreed frequency. You might choose to pay your utility bills by monthly direct debit, but you can also set this up to be paid quarterly depending on how you want to manage your budget.
A standing order is similar to a direct debit, except you tell your bank to pay a person or organisation, instead of the organisation taking money from your account. The biggest difference is that you are the only person who can make a change to a standing order. The organisation is unable to alter your payment.
Direct debits and standing orders are very handy because you can plan ahead and make sure you have enough money to get you through the term. They also reduce stress because you know you won’t miss an important payment.
Student bank accounts
Student bank accounts are like current accounts but tend to offer beneficial rates and terms to students in higher education. To open a student bank account you usually need to be over 18 and studying on a full-time degree course. How long you have been resident in the UK may also be considered, but this varies from bank to bank.
Students who wish to open a UK bank account may need a letter of introduction from the University to give to the bank when they apply to open an account. Normally only International students will need this letter, if you are a UK student a certificate of registration which you can produce from the Student Portal will normally be sufficient to prove your status as a student.
For more information on opening a bank account please read our arrival pages.
Overdrafts
An overdraft gives you the ability to withdraw more money than you have in your account. The bank allows you to borrow money from them when your money has run out.
Most student bank accounts will not charge you for borrowing this money, and will offer you an authorised and agreed interest-free overdraft limit.
Shop around
Student bank accounts are a very competitive business. Banks will compete for your business by offering freebies such as a Young Persons Railcard or discount cards. Incentives should not be a priority when choosing a bank account. Most students find the interest-free overdraft facility is more useful.
Some things to remember
- never exceed the agreed overdraft limit, otherwise you will incur a charge
- always check the interest rate and other charges for exceeding your agreed overdraft limit
- never borrow more money than you need – you'll need to repay it after graduation
- find out when the overdraft needs to be cleared – some student bank accounts want repayment of the overdraft soon after graduation; others will allow the interest free-overdraft to remain for a year after graduation
The way in which you manage your overdraft as a student can affect your credit rating.
Look for a bank that will allow the biggest interest-free overdraft for the longest period of time.
Compare accounts
To find the best bank account for you, take a look at comparison sites:
EU and international students
If you're an international student, it's unlikely that you will be able to open a UK bank account before you arrive in the UK and register at the University.
It can take several weeks to open an account. You need to make sure that you have enough money to cover your living costs when you first arrive in the UK. You might be able to open an international account from your home country. If you can, make sure that you will be able to withdraw cash from cash machines in the UK.
To open a UK bank account, you will usually be asked to provide:
- your passport
- confirmation of your local address
- an original copy of your letter of acceptance from the University
- proof of your address in your home country, although not all banks will ask for this
Students who wish to open a UK bank account may need a letter of introduction from the University to give to the bank when they apply to open an account. Normally only International students will need this letter, if you are a UK student a certificate of registration which you can produce from the Student Portal will normally be sufficient to prove your status as a student. Student Services can help if you cannot obtain what you need from the Student Portal.
Shop Around
Many of the UK major banks have local branches close to the University campus. Most UK banks usually offer a very basic service to international students. Shop around and compare what each bank can offer. UKCISA has some useful information about banking in the UK.
For reasons of personal safety, you should not carry large sums of money around, or keep large sums of money in your home.
Overseas banking and accessing money abroad
If you're on an exchange year or a placement overseas, you will need to think about the best way to access your money and avoid paying international transaction charges on a regular basis.
Every country has its own banking system and regulations. When you arrive at your destination:
- ask local students or your employer for advice about local banking arrangements
- find out what other students did during their exchange or placement
It might take a little while for you to open a bank account when you arrive at your destination. Make sure that you have enough money to cover your costs when you first arrive.
It is probably a good idea not to carry large sums of cash around. Look into the option of using a pre-paid travel card, which allows you to load the card up with money before you leave. Use a comparison site to check you are getting the best deal.
Before you head off, you should also speak to your UK bank to check:
- whether it is possible to continue to use your UK bank account
- the options for receiving and sending money overseas
- what charges you will incur
The Money Advice Service and Money Saving Expert have more information about sending money abroad. You might also discuss the best ways of transferring money overseas with your family before you leave the UK, in case you experience financial difficulties and need cash in an emergency.
Credit
There are lots of different ways to borrow money. If you borrow money, you will usually have to pay it back with interest added.
Before you borrow money, make sure you can make repayments on what you borrow. More information about different kinds of credit can be found here.
Full-time students
If you live in university halls or live in non-university accommodation where everyone in the household is a full-time student, you won't have to pay council tax. You'll need to provide your local authority with proof that everyone who lives in the household are full-time students.
Students who are exempt from paying council tax are disregarded for council tax purposes for the period beginning with the first day of the full-time course until they have completed the course, withdrawn, or been dismissed from it.
A full-time student is someone who:
- attends a course at a prescribed educational establishment or institution
They are undertaking a full-time course of education:
- which lasts at least one academic year
- requires attendance for at least 24 weeks in each academic year
- normally requires an average of 21 hours a week study, tuition or work experience or a combination of such during periods of attendance
If you study full-time but live with an adult who is not a full-time student, your household will be issued with a council tax bill. If you prove you are a full-time student, a 25% discount should be applied to the bill.
As a full-time student, you are not legally responsible or liable for the bill. You may want to discuss how the bill will be paid with the person you live with.
If you study full-time and live with other people who are not full-time students, your household will be issued with a council tax bill. You won't be eligible for a discount. As a full-time student, you are not legally responsible or liable for the bill, but you may want to discuss how the bill will be paid with the people you live with.
Taking time out of your studies
If you take time out of your studies for personal reasons such as illness, you will remain exempt from council tax as long as you remain registered as a student with the University.
Part-time students
If you're studying a full-time undergraduate course on a part-time basis, you will still be exempt from council tax.
Your local authority should be able to provide you with advice about your specific circumstances
Research students
Full-time, fully registered students are exempt from council tax.
Students on other types of candidature and those under examination (who have submitted their thesis) are not automatically eligible for a council tax exemption certificate and cases will need to be considered on an individual basis.
Further information is available from our Student Progress Service.
Overseas students and their spouses and children
International students are treated like UK students when it comes to liability for council tax.
Spouses of non-EEA international students will have the student's exemption extended to include them if:
- they are non-British and non-EEA citizens
- the terms of their visa exclude them from working or claiming benefits
The UK Council for International Student Affairs (UKCISA) has more information.
Council tax liability
If your household is required to pay council tax, you can decide in your household who will contribute to the bill. If you are a full-time student, you are not legally responsible or liable for the bill.
Applying for an exemption or discount
If you think that you are exempt from paying council tax, you will need to submit:
- a student discount/exemption application form to your local council
- a council tax exemption certificate which provides details about you and your course
Apply online if you live in:
You can print a council tax exemption certificate yourself from the Student Portal. If you are unable to print the certificate yourself, you can Student Data to request one or get one from:
- HASS and SAGE students: Student Services,
- Medical students: Medical faculty student office
- Dental students: Dental school office
Healthcare
If you're aged 19 or over and receive National Health Service (NHS) treatment, you may have to pay for prescriptions and other health costs and services.
You'll have to pay the current rates for treatment unless you meet the NHS exemption criteria.
For more information:
Prescription charges
You'll have to pay for each item on your prescription.
If you need more than three items in three months or 11 items in a year, you'll save money by buying a Prescription Prepayment Certificate (PPC).
Dental costs
NHS dentistry charges vary depending on the treatment you have:
Urgent dental treatment
- emergency care, such as pain relief or a temporary filling, in a primary care dental practice
Band 1 course of treatment
- examinations
- diagnosis (including radiographs)
- advice on how to prevent future problems
- scale and polish if clinically necessary
- preventative care (for example, applications of fluoride varnish or fissure sealant)
Band 2 course of treatment
- everything listed in Band 1
- plus any further treatment, such as fillings, root canal work
- if your dentist needs to take out one or more of your teeth
Band 3 course of treatment
- everything listed in Bands 1 and 2 above
- plus crowns, dentures, bridges, and other laboratory work
If you need dental treatment, you might be able to register with the University's Dental Hospital. If they’re recruiting patients, you could receive free dental treatment.
Help with health costs
You may be eligible to apply for help with the costs of:
- NHS prescriptions
- NHS dental treatment
- sight tests, glasses and contact lenses
- travel to receive NHS treatment
- NHS wigs and fabric supports
If you’d like to apply for help, you’ll need to complete an HC1 form (NHS exemption application) (PDF: 181KB). Hard copies are also available at:
- Jobcentre Plus offices
- most NHS hospitals
- some doctors, dentists, or opticians
You can also get an HC1 form by calling 0300 123 0849.
You’ll be asked to supply information about your income and expenditure. You'll be assessed once you've submitted your HC1 form.
If you’re eligible for a full exemption, you’ll receive an HC2 certificate. If you’re eligible for a partial exemption, you’ll receive an HC3 certificate which will outline what you’ll need to pay towards your health care costs.
Insurance
It may be tempting to cut costs by not taking out insurance to cover your possessions.
However, we advise all students to insure their possessions whilst studying at University.
If you live in University-managed or managed partnership accommodation, contents insurance is usually included in your rent. You won't need a separate policy, although you should check that it provides adequate cover.
If you live in any other accommodation, you will need to arrange your insurance separately. Many companies offer insurance and it is worthwhile shopping around for the best deal. Save the Student has advice on how to get cheap student contents insurance. Use comparison sites like
Regardless of where you live, you should use a common sense approach towards security and safety to ensure that your insurance policy remains valid.
Travel insurance
The University provides overseas travel insurance cover without charge to students travelling overseas on authorised, course-related University business.
Contacts
If you have any queries contact the University's Insurance Office:
- Telephone: +44 (0) 191 208 6520
If I live in halls, won’t I already be covered by a TV licence?
Your room needs to be covered by its own licence if you:
- watch or record programmes as they're being shown live
- download or watch BBC programmes on iPlayer
If there are TVs in communal areas, check with your halls' manager to see if they’re covered by a halls' licence.
What if I live in a shared house?
You'll probably only need one licence between you if you have a joint tenancy agreement for the whole house. This is the most common type of shared house arrangement.
You might need your own licence if your accommodation is self-contained. Accommodation is self-contained if you have exclusive access to washing facilities, or your own entrance to the property.
You will also need your own licence if you have a separate tenancy agreement for your own room.
Find out more about the TV licence for tenants and lodgers.
What if I'm not at University for the summer?
If you're leaving your halls or rented accommodation and moving back home for the summer, there's a good chance you won't need your TV licence if there's one at home.
Find out more about TV licence refund and cancellation.
What if I don’t need a licence?
If you don’t need a TV licence, let TV Licensing know so that they can update their details. They will send you confirmation of your 'No licence needed' declaration. They may confirm this with a visit to your address. They won’t send you any letters for approximately two years.
Costs
The Government is responsible for setting the licence fee.
The fee may be increased annually on 1 April.
It is against the law not to have a TV licence and it could lead to a court appearance, a fine of £1,000 or even prosecution.
Registration and induction
The Student Financial Support team help students make the most of their money. We provide information, advice and guidance on student finance, scholarships, budgeting and help if you’re struggling for money. We can help whether you’re a first year undergraduate or a seasoned postgraduate.
The Student Financial Support team
Where to start
Our web-pages are a great resource to get you started. We provide useful information about money at University, from applying for student finance to help when you leave. Take a look at some of our main services.
- Student loans
- Scholarships and bursaries
- Help if you’re a parent or carer
- Support funds if you’re struggling for money
- Help if you’re from the EU or North America
Get in touch
If you have any questions about student money please contact us.