Clearing up your questions on financial support at university
Managing your finances may have been pushed down to the bottom of your to-do list as a student. I wouldn’t blame you – you may have multiple assignments due at once or have been invited to a more exciting trip out with your friends – but it’s arguably the most important task. Then again, perhaps I am biased.
My name is Hannah and I work within the Funding, Graduation & Awards (FGA) team here at UoB. I want to encourage you to explore available funding opportunities and make a budget that suits you, so that you feel confident to enjoy your time as a student.
Whether you just want to refresh your knowledge, or if this is the first time considering your finances, here are some of the questions we get asked a lot.
Who are ‘FGA’ and how can they support me at university?
FGA is a central team within Student Services at UoB. We administer a range of scholarships and bursaries, assess hardship applications as part of the Student Support Fund (SSF) and are on hand to assist with Student Finance escalations.
Although we’re involved with most things student funding related, we don’t look after tuition fees or invoicing. Instead, you’ll need to speak to the Finance department who have their own online portal that’s super easy to navigate. If you need support with reporting your registration or attendance status to the Student Loans Company, then the Student Data Management team would be the ones to reach out to.
Aren’t scholarships only open to first year students, students with the top grades, or students with low household incomes?
Whilst some scholarships may consider the points mentioned above, this doesn’t apply to all scholarships. Scholarships are generally more ‘competitive’ and require an application, whilst a bursary tends to refer to money given out of financial need.
Most scholarships we’re aware of in FGA are advertised on our undergraduate and postgraduate funding databases. Each scholarship will have its own eligibility criteria, application process and deadline, so it’s important to read each of them carefully before applying. We’ve designed the databases so that you can easily filter by the subject you’re studying and whether you’re a home or international student. Not all scholarships are managed by FGA, so it’s important to check the advertised contact and reach out to them for the quickest reply.
There are scholarships for a lot of things – some offer financial support over multiple academic years and others, help fund extracurricular activities and trips. It’s always worth exploring what opportunities are out there, you’re not going to lose anything by making an application!
Is it true that my student loan will cover all my costs at university, and I only have to apply once?
Many undergraduate students will take out a tuition fee loan which covers their entire tuition fees, and a maintenance loan for their living costs. Unlike the tuition fee loan, the maintenance loan is means-tested which means that the amount you can get is calculated using factors including your household income. Depending on your household income, Student Finance have an expectation that your guardian(s) should make a financial contribution. Though this may not always be feasible, it’s an expectation made in their assessment that’s not widely publicised.
It’s important to check whether you’ve been means-tested by Student Finance as you could be entitled to a higher loan. It’s your regional funding agency (e.g. Student Finance England) that will assess your household income, not the university. Support structures also vary between regional funding agencies, so be sure to check which applies to you!
You might not realise that you need to reapply for Student Finance and get means-tested every academic year. This is important to do as the university uses your household income as seen on your Student Finance application to determine your eligibility for the Chamberlain Award each year.
Often, maintenance loans don’t cover your entire yearly expenses even if you’re on the highest rate of loan. So, you may need to consider a part-time job to bring in some extra cash. Luckily, we have our very own recruitment agency here on campus called Worklink who can help you find flexible, part-time work to fit around your studies.
If you’re a postgraduate student, you need to remember that you only receive one loan that can go towards tuition fees or living expenses. Unlike when you were an undergraduate student, it’s your responsibility to pay your tuition fees to the university.
I’ve heard that if I reach out to the university about financial hardship then it will be recorded on my academic transcript – is this true?
Absolutely not! Any hardship application made to the university is handled sensitively and isn’t disclosed on your transcript for future employers to see. We’d never want students to feel ashamed to reach out for financial support if they’re struggling.
If you decide to make an application, it’s important you provide all evidence requested as soon as possible to reduce delays in your assessment or reach out to FGA if you have any queries about the process.
It’s important to highlight here that the SSF is a discretionary bursary designed to help students experiencing hardship, and as such awards are not guaranteed. You’ll need to have accessed all statutory support available to you (e.g. student loans) before applying and the SSF can’t help to cover tuition fees.
Your Guild of Students can also offer money advice and have a hardship fund separate to the university. Students on a medical or healthcare related course can also reach out for support from the NHS Business Services Authority (NHSBSA) and Pharmacist Support.
I’ve explored all funding opportunities and now need to manage my money – how can I do this?
Managing your money is a very personal thing and what may work for others may not work for you. However, creating a budget is a great way to get an understanding of your financial situation quickly and easily. There are plenty of great resources online to help you find the right budgeting style for you! Remember to regularly review your budget and don’t be afraid to change it depending on your needs each week or month.
I believe there’s absolutely nothing wrong with treating yourself to small self-care spends. However, it’s important to factor these non-essential spends which are important to you into your budget. If you do go overbudget, try not to feel down. Draw a line under what’s happened – learn from your experience, create a plan to get back on track and move forward!
Spilling the (coffee) beans
Finally, it wouldn’t feel right signing off this piece without touching briefly on my own experience. Whilst I appreciate it can be difficult to save as a student, it’s something you should try to do if you can, even if it’s only a little here and there. You never know when you may need to tap into some extra cash to cover an unexpected cost, such as an emergency train home or broken car part.
One way I’ve challenged myself to save money this month is by reducing the amount I spend on coffee (one of my personal ‘self-care spends’ previously mentioned). For the month of February, whenever I encountered a situation where I would usually buy a coffee, such as when waiting for a train at New Street or passing through the Bramall Music Building on my way to the office, I would stop that thought and instead transfer the money I would’ve spent on the cost of a coffee to my savings account. Could you set yourself a similar challenge for next month?
For more information on the financial support available to UoB students, visit our Financial support and advice pages on the student intranet. You can also follow the FGA team on Instagram for more tips and guidance.