Managing my money

MANAGING MY MONEY AT UNIVERSITY

Budgeting is a vital part of getting to grips with your finances and, while living on a limited student income, it can be the key to avoiding financial difficulties. Knowing exactly how much money you have to spend is the only way to avoid overspending. Being able to account for exactly where your money goes will help if you come to apply for an overdraft or a bursary.

When drawing up a budget, remember to list all your income - and be realistic. Remember, too, that you must plan for the long summer vacation.

If you are worried about your finances, the University’s Student Money Advice and Rights Team (SMART) is here to help with any money-related issues you may have. The SMART team offers daily drop-in and appointment sessions at both Docklands and Stratford campuses. Appointments can be booked via the Hub. Telephone: 020 8223 4444 Email: MyPortal: https://myportal.uel.ac.uk

You can find out more about what’s available from SMART on Track My Future. Visit the Support & Resources area from the homepage, then click on ‘Money & Bursaries’ in the Support and Advice section.

Do:

– Thoroughly check any tenancy agreement before signing it. Are any bills included? Will you be liable for full rent at times when you won’t be there, such as holidays? – Feed yourself properly and cheaply. You can economise on food by using local markets, looking out for special offers in supermarkets or buying economy brands, and learning how to cook. Take advantage of any student discounts. – Budget – keep a record of what and where you spend. – Have a list of priority spending (the difference between things you need to buy and things you want to buy). – Reply to all letters from your bank or creditors and keep copies of all correspondence. Sign up for online banking so you can keep track of your spending more easily. – Make sure that you pay your bills on time. – Acknowledge that if things go wrong, it can affect you emotionally and distract you from your studies. Seek advice immediately. The longer you leave it, the harder it becomes to sort out. – Allow some money for a social life. – Overspend at the beginning of the first term. – Rush out and buy all the course text books and equipment on your list. Wait until your course gets going and assess which ones are essential. Remember, you can use the library and KeyText instead of buying them. – Buy non-essentials when struggling to pay for the essentials. – Ignore signs that spending is getting out of control. – Be afraid to talk to someone and seek advice if you are having problems financially. Speak to friends, family or the SMART team at UEL. – Exceed your bank overdraft limit without authorisation. Unauthorised overdraft rates are very high when compared with what is offered if you stick within agreed limits.

Don’t:

Help with your tuition fees If you are a student resident in England, you can apply for a student loan to cover the cost of your tuition fees. This will be paid directly to UEL. There are no up-front fees required for student loans. Repayment starts after you finish your course and you are earning over £25,000. If you haven’t finished repaying your loan after 30 years, it will be automatically cancelled. To apply visit www.gov.uk/student-finance.

If you are a student resident in Scotland, Wales, or Northern Ireland, please visit the following websites for information relating to your country regarding fees and maintenance loans.

Student Awards Agency for Scotland saas.gov.uk/ Student Finance Wales studentfinancewales.co.uk/ Student Finance Northern Ireland studentfinanceni.co.uk/

Cost of Living Advice and Support The University of East London is committed to supporting our students and has made more than £1 million of additional funds available, in addition to free products and breakfasts.

We have highlighted the most relevant support that you may be able to access and practical suggestions to ensure you make the most of your money during this time. You can find more details at Cost of Living Advice and Support page uelac.sharepoint.com/sites/ studentsupport/SitePages/Cost-Of-Living

Obtaining a Maintenance Loan You can apply for a student loan to help with living costs such as food, travel and accommodation. How much you can borrow depends on where you live and study, and whether you are currently on welfare benefits. The maximum loan you can apply for is £12,382. To apply visit gov.uk/student-finance.

EU funding eligibility for courses beginning from August 2021 onwards Following the UK’s exit from the European Union, the UK government has confirmed that EU, EEA and Swiss nationals starting courses in the 2021/22 academic year onwards, who are not registered as ‘settled’ or ‘pre-settled’ in the UK, will no longer be eligible for home/UK fee status or financial support from Student Finance England. This means that these students will pay the same fees as international students.

Supplementary Grants The government also offers the following additional support: – Parents’ Learning Allowance. – Adult Dependants’ Grant. – Childcare Grant. – Disabled Students’ Allowance. – All nursing and many allied health students on courses from September 2020 will receive a payment of at least £5,000 a year from the government.

For further information about whether you can claim these supplementary grants, please visit gov.uk/student-finance.

Financial support opportunities from UEL The University offers several financial support opportunities. These are described below.

Bursaries A number of bursaries are available for new students starting in the academic year 2021/22 via an application. The non-repayable bursaries are awarded based on need. Eligibility criteria, application deadlines and terms and conditions apply. More information can be found by going to: uel.ac.uk/undergraduate/fees-and-funding/uk-eu-undergraduate/scholarships-andbursaries

Scholarships There are a number of scholarships available for new students starting in academic year 2021/22 via competitive application. Scholarships are awarded based on a combination of merit and need. The funding is non-repayable. Eligibility criteria, application deadlines and terms and conditions can be found by going to: https:// uel.ac.uk/undergraduate/fees-and-funding/uk-eu-undergraduate/scholarships-andbursaries

Hardship bursaries UEL offers hardship bursaries to Home, EU and International students to provide extra financial support with particular costs to help with higher education. To make an application you will need to be a current student. Eligibility criteria, application deadlines and terms and conditions can be found by going to: uel.ac.uk/undergraduate/fees-and-funding/uk-eu-undergraduate/scholarships-andbursaries