Think ahead to survive at Uni

Be top of the class by learning to plan budgets

A record number of students are set to go to university this autumn, with applications and offers both up.

As of the end of June, the final deadline to apply, there had been 682,010 applications – up by 4% on 2020.

University is the place many of us learn lessons on money management which can stay with us for life.

And with a little foresight, there is no need for those lessons to be harsh.

Costs & loans

Tuition fees alone can often mount up to almost

£30,000 for a three-year degree, even before textbooks and other costs are factored in – and that’s before you’ve even bought a drink…

You can apply for a tuition fee loan, but this can take up to six weeks to process, so if you haven’t arranged this yet you’ll need to get a move on.

These loans cover the full cost of tuition fees up-front and are paid directly to the university or college.

When it comes to living expenses, if you’re going to university some time in the future, you have time to earn and save up to ease the financial burden.

But if you haven’t been able to plan, then it’s likely that you’ll need to rely on borrowing to cover your spending.

A maintenance loan is available to help with some of your living costs such as accommodation, transport and food.

But it is unlikely to cover all your costs – so it’s up to you to make up the shortfall.

How much you get works on a sliding scale, based on where you’re studying and what your household income is. Maintenance loans are means-tested, so students from wealthier families will get less. Loans are paid to you in instalments, at the start of each term.

It’s also worth looking into scholarships (for those who excel academically or in sports or music), bursaries and grants (for those from lower income households, or based on your personal circumstances). Check the UCAS website for eligibility.

How to survive financially

Set up a simple budget/cashflow spreadsheet to show you how much it will cost every month of your course.

This helps you see how much you’ll need to earn or borrow to ensure your costs are met, and when your tightest financial periods will be.

Set up a second bank account for your spending, giving yourself a weekly allowance to cover all your variable needs such as shopping and going out.

Pay this to yourself on a Wednesday and, when it’s spent, don’t dip into your reserves.

The cost of a university education is something that stays with many students for decades, which is why I created my Student Survival Guide.

Updated annually on my website, it helps students to not get buried by a mountain of debt, and expands on some of the information above.

To get your free copy of the Student Survival Guide go to

Set up a new account for spending and pay yourself an allowance every week