Money Watch – Personal Finance Blog

Although the new term is some way off, it’s never too soon to start thinking about finances, and for university students it’s no exception.

I was probably one of the last of the lucky students who didn’t have to pay tuition fees. I also received a student grant to help cover living costs – the grant was usually eaten up by accomodation, although in my third year spent in France, I got a much bigger amount yet the accomodation was far cheaper (although not up to the standard we come to expect in British universities) – I may have just about made a profit that year.

I was also lucky in that I didn’t feel that I needed to get a job during term time (well I didn’t want it affecting my studies now, did I?), although I did work during the summers when back home. I also took out student loans when necessary – those are being paid-off as we speak.

Unfortunately for most students now the situation is a lot more difficult – the average student debt is now around £8,400 (I left with £5000 debt, although being all in student loans the interest rate is reasonably low). It’s not uncommon for those doing longer courses to come away with debts as much as £15,000 – £20,000.

Here are a few resources to sites that might help students with their finances:

• Tiscali Student Survival Guide, inlcuding a useful student budget calculator.
• MSN Student Finance section.
• Student Finance Direct, help with student finances (England & Wales).
• AimHigher, student financial issues from the Department for Eduction and Skills.