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Setting and managing your budget
Last week we looked at the basics of student finance; tuition fees, student loans, and other sources of funding. This week we look at the other side of finance; what will you be spending your money on, and how to manage it.
Just like last week, this is not an exciting subject, but few matters are as important as finance when it comes to your studies and your wellbeing. You’ll know from my previous writing, that I don’t believe that money in itself can bring you happiness. However, a lack of money, or the mismanagement of money, can definitely bring misery. And with the amount of money that you are likely to be living on as a student, this is a major risk.
So… today we talk about financial planning. Firstly, how to work out what you need, how much funding you will receive, and how you will make up the shortfall. And secondly, how to manage your money over the course of the year.
Fees, loans and grants
So… you are nearly there! You are making your final decisions about where to go to university this year, and at the back of your mind is that nagging feeling that there is something still to do.
And it’s something important.
Yep, finance and funding: tuition fees, loans, scholarships, grants and budgets. The stuff that no-one really wants to deal with, but which underpins everything.
So this week and next, we’ll look at financing your time at university.
How to avoid becoming a drop-out statistic
OK, so I really don’t like the term ‘drop-out’, but I wanted to get your attention, and ‘non-completion rates’ or ‘students leaving their degrees’ just didn’t cut it as a headline. I promise I won’t use it again.
But here’s the thing… recent data released by the Student Loans Company has revealed that the number of students who are not completing their degrees is on the rise, up around 28% over the last five years. (See this BBC article).
This is not good.
In human terms, that’s nearly 42,000 young people who left their degrees last year uncompleted, carrying with them their student debts, and doubtless a whole load of other unwanted baggage.