When you start University you will be living on a fixed income, so it's a good idea to plan your finances. It might be boring and a bit frightening but keeping a record of your income and outgoings can really help you to budget properly.
By doing this, you will be able to determine how much you have available to spend on non-essential or less important items. Record everything you spend so that you are always aware how little or much you have left for the rest of the week/month. If you are unaccustomed to managing your own money or are trying to manage on less money, then it is easy to overspend quickly.
We advise working out your budget as soon as your student loan arrives, the simplest way to work out your budget is to use a budget planner or ask for advice with any budgeting queries you may have from the Advice and Support Centre.
If you find yourself struggling don't panic, stay calm, try not to feel guilty or afraid and there's no need to feel embarrassed, help is available.
Ignoring the problem and not taking action will not make the problem go away, it will just get worse, seek help, the Advice and Support Centre have Finance Advisers who will be able to help you take back control.
Download this free app from NASMA (National Association of Student Money Advisers) for lots of tools to help you manage your finances during your time at University.
Financing your way through university can be a tough assignment. However, you can take steps to help you finance your higher education with a Student Loan.
If you have previously gained an honours degree from a Higher Education Institution you will not be eliglble for any student support unless you are continuing your studies towards certain professional qualifications i.e. medical doctor, dentist, veterinary doctor or architect.
Everyone is entitled to the non-means tested element of the loan. The remaining means tested element you may receive will depend upon the income of your parents or you/your spouse if you are independent. If you are estranged from your parents then you will have to provide additional supporting evidence.
Student Finance England will assess your eligibility for funding. Students will need to meet the basic redsidency requirement (three years ordinarily resident within the UK before the first day of the academic year).
Generally students under the age of 25 are assessed on the income of their parents, if you are estranged or live independently then you will have to provide proof
I've not received my funding yet, what do I do?
If the Student Loans Company does not pay your tuition fee loan you must pay your own tuition, you can choose to do so in one lump sum or by instalments.
Find out more about paying your fees at the University of Wolverhampton website.
Please read the following link regarding Tuition Fee Liability from the point of Enrolment: University of Wolverhampton 2016/17 Fee Liability, Refunds and Debtor Policy
Ignoring the debt and not taking any action will not make the problem go away, it can in fact make your situation a lot worse. There is a lot of advice and there are a lot of tools available to help you tackle debt head on and enable you to take control of your situation rather than let your debts control you. See below our brief guide to dealing with debt but do follow the links at the end of this page, to access further information.
There are many websites offering FREE advice and guidance on debt management, do not use services for which you must to pay.
Try the following links for further advice and guidance:
Money Saving Expert debt planning
Student Debt Help & Advice Free From StepChange
Money Advice Service.
uSwitch - Get out of debt guide
The Consumer Forums
Financial Support While You Study
Funds are available to provide financial help to students if they are able to prove genuine financial hardship, that might impact on their ability to continue at the University. You need to have exhausted all other financial means i.e. overdraft, student loan etc, before applying to the Dennis Turner Opportunity fund.
Dennis Turner Opportunity Fund