We appreciate this sounds obvious, but the best way to increase your income is to work alongside your studies. The University’s Employability Service can help you find work and direct you to reputable job vacancy sites.
If you are subject to immigration restrictions on your leave to enter and remain in the UK (for example, if you are in the UK on a Student Route Visa), always check what employment you are allowed to take, if any, and what hours you are allowed to work.
If you do work, remember to check you’re on the correct tax code so you don’t overpay tax. Students are taxed like anyone else, but if you earn less than £12,570 a year (as of 6 April 2022), you shouldn't pay any tax. If you're employed (not self-employed) and taxed via Pay As You Earn (PAYE), you'll automatically be charged tax on earnings, so you may need to reclaim it - even if you only do temporary work, you'll be taxed as if you'd earn that salary all year round.
If you think you have overpaid tax within the previous four tax years (going back to 2018/19), you can request a refund – see:
If you're working through the whole year but still need to reclaim, you need to wait until the end of the tax year and reclaim tax then.
If you know you're only working for a short time – for instance, just the summer – you can fill in a P50 (online or paper form) to claim tax back at that point. You need to wait four weeks after your last day at the job to make the claim.
It is not unknown for the Student Loans Company/SFE/SFW/SFNI.SAAS to pay you less student funding than that to which you are entitled! The Money & Housing Advice Team can check you’re getting all the funding you should and advise you on what to do if, for example, your household income drops significantly during the academic year – if you are an undergraduate, you may be able to get your student funding reassessed.
If you’re struggling financially, then the funds mentioned above may be able to help. You’ll need to submit certain evidence in support of your application (e.g. 2 months’ bank statements) which will be treated confidentially and held securely. Awards from the funds aren’t guaranteed – there is an assessment process which uses certain set amounts for some items of income and expenditure – and shouldn’t be relied upon as a main source of income, but don’t be shy about applying! Even if your application isn’t successful, we may be able to offer you money advice based on your own individual circumstances.
Most full-time students cannot claim means-tested benefits such as Universal Credit, although there are some exceptions to this e.g. students with dependants and some students with disabilities and limited capability for work. However, part-time students do not face the same restrictions and may be able to claim Universal Credit and Council Tax Reduction (if liable for Council Tax). The Money & Housing Advice Team can let you know if you can claim benefits and also check that you’re getting the right amounts. The Turn2Us benefits calculator is also really helpful:
There exists a range of charitable trusts and grant-making organisations to which you may be able to apply for financial help, depending upon your circumstances. A good place to look for these is the Turn2Us website:
https://grants-search.turn2us.org.uk/
Generally speaking, you need to apply for scholarships before you start your course, but it can still be worth checking – this is a good place to start:
Make sure you get the £400 government energy grant. This should reduce your household’s energy bills by £400 this winter – see:
www.gov.uk/government/news/400-energy-bills-discount-to-support-households-this-winter
Student bank accounts operate in the same way as non-student accounts, but with several key differences – banks may offer a range of inducements to entice you to bank with them, and they usually offer an interest-free overdraft facility. Whilst we hate to encourage students into any more debt than absolutely necessary, an interest-free overdraft can prove extremely useful in managing cashflow issues. Different banks have different offers and interest-free overdraft limits – this site compares all the main student bank accounts:
www.moneysavingexpert.com/students/student-bank-account/
Remember that a bank is not obliged to offer you an interest-free overdraft.
After you graduate, your student account will usually turn into a graduate account. Depending upon your bank, your interest-free overdraft should continue for a while (often two or three years), although the interest-free limit will usually decrease over time and will ultimately no longer be interest-free …
For some students, particularly postgraduates, taking a loan from a private lender can be an option. If you do consider taking out a loan from a private lender, we would always urge you to very carefully check their terms and conditions (as these lenders exist to profit from lending you money, their terms and conditions are likely to be less favourable than those of the Student Loans Company). We do not recommend any particular lenders, but two which we know specialise in the student market are:
