The thought of finance can be confusing, but the sooner it's in order, the better. There are people to help you with this - your school/college, your Local Authority, your teachers - just get things done early!
A lot of this depends on personal circumstances, but it will give you an idea of how the process works
Whether you're just starting to think about university, or packing your bags, the money side of uni has probably crossed your mind...how much will it cost? How much support money is available? How do you get your hands on it?!
Fear not - whilst student finance seems daunting at first, it just needs a bit of research. Here's an overview - all this will depend on your personal circumstances (see www.direct.gov.uk/studentfinance for info) but should start to give you a feel for how it works.
Tuition Fees
The maximum amount an institution can charge per year in tuition fees is currently £3,290 a year. Most students can apply for a Tuition Fee Loan which covers the cost and is repaid after uni (you can pay whilst studying if you prefer).
Help with living costs
Full time undergraduates can usually apply for a Maintenance Loan to help cover living costs. For 2010/11 loans range from £3,838 to £6,928 a year. Some students will also be eligible for a non-repayable Maintenance Grant of up to £2,906 a year, depending on your household income.
Bursaries and scholarships
Universities themselves offer non-repayable support money for students. The types of award are different for each institution and there will be details on the university's website. Make sure you check it out as there are some very generous awards out there! You can also try the search option on studentcashpoint.co.uk
Opening a Student Account before starting university means support money can be paid straight in. Banks want your business, so beware of their incentives – ranging from music systems to train tickets.
Gimmicks are a bonus, but the most important thing to look for is an interest free overdraft (which allows you to spend over the amount in your account, up to a limit, if you do have any temporary cash flow issues). Overdrafts don't stay interest free forever - look for accounts which stay interest-free for the longest time enabling you to pay them off gradually.
Most banks have specially trained student advisers you can speak to if you have any queries or concerns.
Money Saving Expert has a comparison of different bank accounts.
• Don't spend all your support money as soon as you get it. Divide it by how many weeks you need it to last, and that's your weekly limit
• Walk or cycle to uni instead of driving or paying for buses and taxis. You usually need to pay parking fees at uni so think carefully about whether you really need a car...you'll be helping the environment too
• Always ask if there's a student discount when you buy anything. Most shops have one, plus cinemas, pubs, restaurants...
• You can usually find second hand book shops near to universities...packed full of cheap first year textbooks which the second years have sold. Online book stores often have second hand books too
• Cook from scratch - it works out much cheaper and is far healthier than takeaways (no one is suggesting you never eat takeaways, but make them a treat rather than your staple diet!)
Start having a go at budgeting with the student calculator
Detailed information about the funding available and how to apply:
Directgov student finance website
Activities and resources to start giving you a flavour of managing your money at uni:
UNIAID Student Survivor