If you're preparing to move into student accommodation this September, you might be wondering, "How do you pay for student accommodation and manage the costs?" With monthly rents starting around £400 and additional living expenses to consider, it's easy to feel overwhelmed.
It's no surprise that 78% of students experience money-related stress. However, with careful planning and a clear understanding of the financial support available, you can combat these challenges and ease the burden.
The good news? There are various ways to help you fund your student accommodation in the UK, including maintenance loans, bursaries, scholarships, savings, and part-time employment. Everyone's situation is unique, and it’s better to be prepared.
Read on to learn more!
There are a few options available to help you fund your university accommodation in the UK. Let’s take a look at how you can access maintenance loans, bursaries, scholarships, savings, and part-time employment.
If you're a full-time student and you meet the requirements for student finance, you'll be able to receive financial assistance. A maintenance loan is a type of student finance that is available to help you pay for living costs while studying at university.
Several factors determine how much maintenance loan you will receive. It's important to factor this amount in, alongside other outgoings, to determine whether your maintenance loan will cover your student accommodation.
Applying for a maintenance loan in the UK is a straightforward process that will take around 10 minutes. You can apply via the following steps:
You will also need your National Insurance number at some point during the process to be able to receive any type of loan.
Bursaries are an additional type of financial support provided by the university to help students with their costs. If you are granted a bursary, it will be paid to you directly into your personal bank account; therefore, you can choose what it will go towards.
Will a bursary need to be repaid? No. Unlike student finance, a bursary will not need to be repaid.
Scholarships are competitive financial awards given to students by universities or other organisations based on specific criteria, such as academic excellence, athletic achievements, or musical talent. Like bursaries, scholarships do not need to be paid back.
As scholarships can cover both student accommodation and university tuition fees, they can be especially helpful if you’re receiving a lower maintenance loan due to your household income, but they are highly competitive.
Savings refer to money you set aside over time, often from part-time work or allowances, to use when needed. Building up savings before university can make student life more manageable and reduce any financial difficulties.
While your student loan might be enough to cover essentials like rent, your savings can give you extra flexibility for socialising or personal spending. This helps reduce the need to dip into your maintenance loan or for you to become unstable with your finances.
Part-time jobs refer to work opportunities that fit around your schedule and are great ways to earn money alongside your studies.
Taking on a flexible job while at university can help with living costs, give you extra spending money, and, importantly, provide peace of mind.
Many students work in retail or hospitality, as these roles often offer adaptable hours. Plus, jobs in certain stores or restaurants may include staff discounts, helping you save even more (it’s a win-win!).
Yes, absolutely! At Stockton Students, we make it possible for students to secure student accommodation without having to provide guarantor information.
If you’re looking to book your student accommodation without a trusted guarantor, check out our No Guarantor Options.
Going to university is exciting, and with accommodation fees sounding daunting, finance is available. Not only does this make student life more affordable, but it makes it achievable for more people to access a higher level of education.
You’ve done the intellectual work that it takes to get into university, and now it’s time to enjoy your student life, freshers events, and new friendships with peace of mind.
To make your finance tracking easier this academic year, choose from our attractive selection of ensuite student accommodation with all bills included.
Explore your options today, or get in touch with our friendly team for assistance. You can reach us by emailing info@stocktonstudents.co.uk or calling 03301 359065. We’re here to help and look forward to supporting you!
No, students are not required to pay for accommodation upfront. However, a deposit is necessary and must be paid before keys can be issued.
Accommodation payments are then made in three instalments, aligned with student loan disbursements in September, January, and April.
As mentioned, you have the option to apply for a maintenance loan, which can help you towards any rental payments if you choose to live in student accommodation whilst at university.
Accommodation can include private student accommodation and university halls, and the length of accommodation contracts can differ.
