Student Finance
Your costs vary depending on whether you are a UK citizen, EU national or and International student. You need to establish your status before you go to university as this has direct relevance on the fees you pay and the type of bank account you open.
If you are unsure of your status then the UK government website may help you.
http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/index.htm
You may however find it easier to ring them.
The best general website for you to look at is the UCAS site:
http://www.ucas.com/students/studentfinance/
Also your individual university will have advice centres and information on their websites to help you. Again it is important you look at these in the summer so that you are prepared.
Tuition Fees
EU students:
You do not qualify for student loans in England or Wales if you have not lived and been educated in the UK for the last three years. Therefore you will need to pay your tuition fees at the start of your course in the UK.
ACTIVITY: Look up the cost of tuition fees for your first choice course. Find out if they require the full years’ payment at the start or whether they will let you pay in instalments. Note down the cost.
In Scotland EU students do not need to pay the tuition fees at the start. Instead they can apply to the SAAS to have their fees paid for them. You will need to apply each year. It maybe that you will have to repay a small proportion of the fees after your course. At the moment the yearly fee is about 1735 pounds per year. If you are classed as an English student then you will be liable to pay 3070 pounds.
Further information
Overseas students (not from the UK or EU) pay significantly higher fees (over 10 000 pounds) so again it is important to be sure of your classification.
Bank Accounts
These also vary depending on whether you are from the UK or classed as an International student (and for some banks this includes being an EU citizen). If you are the latter it can be difficult to get a normal current account and often the best you can get is a deposit account that has a cashcard. This means it can be difficult to set up standing orders and direct debits.
ACTIVITY: Find out the difference between a standing order and a direct debit.
If you are from the UK then you should not have a problem getting an account. You will need an address, evidence that you live at that address (acceptance and registration documents from the University will do) and also your passport and/or NI number.
When choosing your bank consider the following points:
Overdraft allowance: Remember you may not get tuition fee help so this could be important. Check the amount offered and whether it is interest free. Some increase the amount each year (this is not cumulative ie. if year 1 offers £1000 and year 2 offers £1250 this is just £250 extra). Also check repayment rules. Some allow a year after graduation as still interest free, others hit you with the interest straight away.
Unauthorised fee: If you go over your agreed overdraft limit without permission you are charged a fee. These are quite hefty in some cases and can mount up.
ATM fees: Most banks will not charge for withdrawing from the banks own cash machine but check this out as again these aren’t cheap and can mount up. Also ask about the charges for withdrawal of money from abroad, these fees can be huge. Barclays bank offer a service where Spanish and English Barclay branches do not charge for transfers etc. but these may not be available to students.
Additional services: These include internet banking (very useful), personal student adviser, Commission free currency and travellers cheques (if you are likely to travel a lot then again this is handy).
Freebies: Alternatively termed “Incentives”. These can be very good, however don’t let them be the only reason you opt for a Bank. Your student bank may end up being the one you stay with for your adult life so choose carefully.
Location: Life gets very busy so if your bank branch is on campus or local where you live you are more likely to keep on top of your banking.
The following website may help but note that not all banks maybe located in your region:
http://www.moneyfacts.co.uk/money/currentaccounts/3/banking_stud_accounts.aspx
Banks:
ACTIVITY: Look at the following pages and select which account you thinks is the best. Note down the reasons for your choice.
Barclays
HSBC
Lloyds
Natwest
Royal Bank of Scotland
Note that there are also other banks offering student accounts. The university campus will probably have a group of special student service branches.
A note on credit cards:
Be careful with these. Unless you can pay the balance off at each month the interest rates are huge. It is an idea to have one for emergencies but otherwise use them cautiously. Again with store cards, unless you pay off the balance each month these can be a very costly method of managing your finances, my advice is to steer clear of store cards unless you are very organised.
Budgeting:
The cost of living will vary depending on where you live but it is a fair estimate to say that for basic living rent, food, clothes etc. you would need at least 10 000 a year. This would not include travel back to Spain or even your university books (a textbook can cost as much as 75pounds depending on your course).
The budget calculator below is designed to help you plan your budget. Also the university websites will give you a break down of the cost of living for a student in your university area (cost of living can vary dramatically between cities).
Accommodation:
Note that in your first year it is better to go into Halls of Residence. Some are fully catered, others offer breakfast etc.
ACTIVITY: Look up the Halls of Residence for your first choice university.
What is the average cost for an academic year.
When are you meant to pay the rent?
What would you plan to do in the summer months?
In the second year you will probably live in a shared flat or house. If you do this you will need to consider not only rent but also bills. As a student you should not have to pay a community charge but you may have to pay for water, gas and electricity. If you have your own television you will also need to pay a TV licence fee. Naturally if you are sharing then the cost of bills can be split.
ACTIVITY:
Look up the student finances pages for your first choice university. What advice do they give regarding cost of living in the second year. Note down:
The average rent.
Average monthly bills.
Find out the cost of a TV licence in the UK and the methods of payment.
Part-time work
Most universities recommend that students do not work any more than 15 hours a week. However this can depend on your course and many Science and Medical courses have heavy time-tables due to lab classes and this can make it difficult to take on part-time work. Universities always have a Careers Guidance centre that will also advertise suitable term-time and holiday work and are worth checking out. If you plan to work in the UK you will need a National Insurance number. If you do not have a number already you can apply for one at the local Job Centre.
ACTIVITY: Use the UCAS budget planner to approximate your income and outgoings per month for your first year. Note that this is not accurate and some payments will come in one month and not another eg. You will buy books at the beginning of term. In the first year you may also need to buy a lot of clothes in order to cope with the UK weather. So you will need to save up to account for one of big bills. Where-ever possible it is best to pay utility bills etc. on a monthly basis rather than have to pay them in one lump sum.
http://www.ucas.com/students/studentfinance/budget_calculator
General advice:
Also when you first arrive make sure you find and register with a dentist and doctor. Again there will probably be a university medical centre. If you are an EU student you will need to get a European Health Card (Tarjeta Salud de Europea). If you are an overseas student will have to look independently for what allowances you can get. Again your university will advise you.
Obviously there is a lot to think about. However your university will have a students union advice centre and freshers packs to help you when you arrive.
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