Finance advice
“With an increased focus over the last year on the cost of living, high energy prices and a shrinking economy, universities across the UK have stepped up their support”
allocated according to certain criteria, such as: l
Where you live
l l l
l What your parents do for a living Any illnesses or disabilities you may have
Special interests, activities or hobbies, such as music, sport, drama Your religion or ethnicity
There are also some specific (and more unusual) grants
available, such as one for up to £500 from The Vegetarian Charity, a £1,000 undergraduate bursary from The Royal Television Society to assist with expenses and living costs for those wanting to work in the television industry and the Miranda Brawn Diversity Leadership Scholarship. This is available to students from all races (black, white and asian) and social backgrounds. Scholarships are available across a range of sectors including law, finance & business and medical. These are just a few examples and the more research you undertake, the more likely you are to find something that may suit your studies now, or what you intend to do in the future. Unsurprisingly, competition for bursaries is fierce so it’s imperative that you make your application stand out as much as possible.
Helping hand With an increased focus over the last year on the cost of living, high energy prices and a shrinking economy, universities across the UK have stepped up their support and launched initiatives offering additional finance. Support ranges from one-off sums of money to help with day-to-day expenses, to grants for activities outside of studying, to support aimed at specific times of the year when costs might be unexpectedly higher and therefore harder to meet. The University of Exeter allocated £1m to its Success
for All Fund to help students who are in financial difficulty. The scheme provides hardship funds and a
range of bursaries, including help with the cost of IT equipment. It also allocated a further £870,000 one-off Winter Support Bursary for eligible students. Lee Elliot Major, Professor of Social Mobility at the
University of Exeter said: “The cost-of-living crisis is now a frontline issue for universities, with more and more students suffering real hardship. It is paramount that universities do all they can to enable all students to flourish irrespective of their financial situation or family background.” University of Sheffield launched a cost of living hub
for students offering financial help for unforeseen expenses, such as IT equipment, energy and house hunting costs for students with dependents, as well as emergency help such as food vouchers. Students can also access an additional grant of £150 for participation in extracurricular activities. University of Manchester is offering registered students a one-off ‘Cost of Living’ payment, with full-time students eligible for £170, paid into their UK bank account. This is in addition to a Cost of Living Support Fund which provides grants of between £250 and £2,000 for students in need – and you won’t have to pay any of it back. All full-time students can apply, regardless of social background, nationality, or level of study. The amount you receive will be based on an assessment of your circumstances.
Make your money go further You might find a budgeting calculator is your new best friend. If you spend some time working out a reasonable weekly budget, it could save you a lot of stress, time and juggling in the long-term. It will also give you a good overview of your overall expenditure, helping you to identify areas you can cut down on or what you can remove altogether. Depending on your living arrangements and what is and what is not included, your budgeting should take into account elements such as accommodation, food and drink, mobile phone and
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