How to fund your University costs

With the start of September here, University is just on the horizon. Here’s to a year of action packed fresher’s, independent living and a step closer towards your degree. Unfortunately, nothing comes free (especially in England) and to reap the benefits will require a little financial preparation.

Your source of funds is very important, choosing the right method for you will help suit your financial needs. Essentially, there are two ways to obtain funds, by using your money or someone else’s money. Here are some tips on how to make your own money.

Making money

  • Get a part-time job. I recommend you start looking and applying now because this is a great option. You simply spend what you earn and best of all, it’s your money, so don’t feel guilty when you are treating yourself to a Domino’s (unless you’re looking to eat healthy).
  • Start selling. Remember that book you finished reading or that game you completed? Go on eBay and start scrapping up all the money you can get. It’s going to help.
  • Participate in university research. There is university research going on all the time and they pay students a one-off amount for simply taking part.

Although it’s a great feeling to earn your own money, it takes up time. There is no point making money when there’s no time to spend it right? Not to mention that it could significantly impact your studies. At least with someone else paying the fees, there’s a lot less stress and a lot more time:

Borrowing money

  • Borrowing from family. This is probably the most convenient method since our family are likely to be flexible with how long we have to pay them back (if we pay them back at all). This is a personal matter so it’s worth having a discussion with your family regarding how much they are willing to financially support you
  • Bank overdraft. This is like a bank loan but with a limit on what you can spend. It’s great to know that if you ever need emergency cash, this option is always there. Just make sure you ask your bank if you are eligible for an overdraft
  • I cannot encourage this enough, a student loan. I’m sure most of you have secured one already and I applaud you, because it’s going to contribute towards those major costs such as accommodation.
  • Hardship funds. The University of Leicester provides discretionary support if you are experiencing financial difficulties and may provide you with emergency funds

Although these are viable options, it may cause long term financial difficulties or you may not like the idea of borrowing off other people. Personally, I like to find that balance where I can earn my own money but have the financial backing of a third party. But we all have different preferences so choose the method(s) that suit you best.

If you can think of any other ways to fund your fees, be sure to leave them in the comments section. Thank you for reading and I hope this blog has been useful to you.

Leon

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Leon

About Leon

Hi everyone, my name's Leon and I am currently a first year undergraduate studying Mathematics. My first year of studying has been intriguing and I want to give you guys some insight into the different aspects of Mathematics. Additionally, the life of a student can prove to be challenging but it's certainly one you can prepare for, so I will be sharing some useful tips to help you thrive on your self-living journey.

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