Money  

Fees, Loans and Grants

www.direct.go.uk/studentfinance - for more information about student support and what you maybe entitled to recieve on a part time or full time course. Are you a returning student in 2011/12? The application deadline is approaching! Click here for some information and answers to questions about your Student Loan.

www.gre.ac.uk/students/finance - for any general information and lists of the bursaries and scholarships available.

How do I apply for student funding? There are three ways to apply: online, by downloading a form to complete by hand, or by asking your local authority for a form. New students need to complete form PN1. Continuing students use form PR1. You need to apply for funding each year. For more info on this, and much else, see the DirectGov pages on student finance.

What student funding will I get from the government? Much depends on your and or your family’s income. All students can apply for a Tuition Fee Loan and for 72% of the Maintenance Loan. The other 28% is means tested on income. If income is low, you may also be eligible for part or all the Maintenance Grant. There are also grants for disabled students, students with children and part time students.

Go see the University Student Finance and Financial Support Team who offer a confidential advice and information service to all students at the University of Greenwich on finance and general money matters or come see us at the Advice Service.

Student Finance Team
Greenwich campus / 8553
Avery Hill campus
Medway campus / 9735
Non- UoG campus students (partner/network/systematic) / 7842
Bursaries and scholarships / 8262

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Student Bank Accounts

Big banks love enticing new students with offers of glitzy freebies and 0% overdrafts, then rely upon their profitable custom for decades after graduation.

Yet act smart, and students - both this year's freshers and seasoned academics - can switch to the best and gain £100s.

What is a student account - Put simply, it's a day-to-day current account specifically for students in higher education, with advantageous rates and functions. The only question is, what counts as a student? This varies from bank to bank.

When to open an account? - As soon as possible! It used to be necessary to wait until you were settled into student digs, knee-deep in Pot Noodles, but now most banks accept anyone with a UCAS offer letter (conditional or unconditional). So, you can open an account before the start of term and bag an extra month or so's worth of preferential terms.

Picking a Student Account - Almost every bank offers online access and free cash machine withdrawals, so which branch is nearest has little relevance for most able-bodied students. Therefore, to compare, you should purely examine what's on offer.

Overdrafts - Banks try to bribe students with freebies to entice you to open an account with them; but these sweeteners should only be a secondary consideration. For more.

Go for the bank that'll give you the biggest and longest 0% overdraft

Many students need an overdraft, so it's important it's free. Never go beyond your 0% overdraft or it's hugely costly. If desperate, get the bank's permission to extend your limit or you'll get nightmare bank charges.  The solution is to go for the lowest interest rate available, as the lower the rate is, the less the debt costs you .

The big draw of student accounts is that they let you borrow interest free, PROVIDED you stay within the limits. This is as good as it gets; a much bigger gift than any freebie. Therefore the question that pays is, 'which bank gives the most 0% borrowing, for the longest period?

Before you grab one though, there are a couple of stark warnings about overdrafts...

 - Don't go over 0% overdraft limit Banks can agree to give you bigger overdraft limits, however if you use it the interest skyrockets to rates similar to those on credit cards, so always avoid if you can.

 - Watch out for bank charges If you go over your agreed overdraft limit you'll be hit with huge bank charges of up to £35 a time, a few of these could completely wipe out your budget for the term. If you're having trouble always talk to the bank first; getting it wrong can leave you with credit rating problems lasting years.

 - NEVER borrow more than you need Just because you're not paying interest doesn't mean you won't need to repay the debt - you will! Never borrow unnecessarily; remember once you graduate you'll pay for these debts, so budget as best as you can and never spend more than is absolutely necessary. Borrowing is dangerous; please educate yourself about how it works before doing it in any form.

 - How to budget Never count your 0% overdraft limit as part of your income. No-one ever tells you how to calculate your income when you're a student, so add up student loan + grants + employment earnings + money from family. Then make sure you don't spend more than that figure.

 - Some overdraft rates are 'up to' not guaranteed The big high street banks shout about their large 0% overdraft offers, but unfortunately when you dig deeper some state that the rates you get are 'up to' the maximum limit.

 - You will be credit scored When you apply for any debt product, including a bank account with an overdraft, the lender will credit score you. This is to decide how desirable a customer you are based on behavioural predictions from all your prior financial data. Yet as a student, it's likely there will be very limited data on you, which makes credit scoring very difficult. Sadly this can leave some students rejected due to ridiculous anomalies, and there may be no rhyme, reason or solution to this.

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Top students bank accounts 2010/2011

The Co-operative Bank

The highest guaranteed overdraft limit comes from The Co-operative bank which will give you £1,400 0% overdraft if you are accepted. In the second year of study you'll be able to get £1,700 and £2,000 in the third (as long as your account activity is deamed satisfactory). In order to get the overdraft you must deposit £300 when you open the account (this can come from your student loan).

With this account if you need to borrow over your limit any agreed lending is at a very reasonable 9.9% APR, however if it isn't agreed this rate jumps to 15.9% plus big charges on top, so always avoid.

The Co-op account doesn't have an official graduate account, but you can keep the student account and its 0% overdraft for a year after graduation. However it's likely there'll be other graduate accounts offering more so consider switching.

Halifax

Some big high street banks have used big 0% overdraft figures to lure customers in, but importantly these are 'up to' limits, so you aren't guaranteed to get them. Those that want to take the chance of a higher limit in the future could try one of these, but  very few people got even close to the the limit.

The highest advertised rate comes from Halifax and Bank of Scotland. It shouts loudly about a whopping maximum interest-free overdraft of up to £3,000, however if accepted you will initially get just £500, you must then request further increases and the feedback tells us it's often only up to £1,000 by the end of year one. Though by the time you've completed your course you should be getting closer to the full amount.

Natwest/ Royal Bank of Scotland

If you're after the best freebie, the outright winners are Natwest and RBS where you can get a free 16-25 Railcard railcard, which cuts many UK rail fares by a third. The offer varies depending on where you are studying...

For students studying or living in England or Wales the Natwest account gives a railcard while you are a student (for up to five years), although it will only renew it if you use the account frequently (min. one credit every three months and three debits per month during term time).

The overdraft limits here aren't as high as Co-op plus they're not guaranteed, so you may not get the full amount. In the first year the limits are tiered, starting with £500 in term one, £750 in term two and £1,000 in the third term. In year 2 the limit is up to £1,250 and up to £1,500 for year 3.

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Budgeting

It's a good idea to plan a budget - and an even better one to stick to it. Make sure your plan is realistic – allowing a reasonable amount for going out as well as essentials like food and accommodation.

You need to decide whether you're budgeting for term time spending only, or for the whole year. Some students, especially those living in halls of residence, may budget on a term basis if they plan to return home during the holidays.

It’s really useful for you to plan your finances to help prevent you getting in to debt. Visit Uni Aid Student Calculator on

www.studentcalculator.org.uk/original

www.studentsurvivor.or.uk/2/

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Dealing with Debt

If you are finding it difficult to maintain repayments to Banks, Credit Card Companies, Store Cards or Utility Companies, or if you are struggling to pay your rent, help is at hand.

Receiving letters and demands from creditors can be very worrying; however, failing to address your debts can lead to creditors taking further action including accounts being passed to debt collectors and possible county court judgements. This action can lead to additional charges and costs as well as affecting your credit rating.

The Advice Centre can help you maximise your income, reduce expenditure and negotiate payment schedules or you can find further advice and a self-help pack at www.nationaldebtline.co.uk.

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Money Saving Tips

Managing on a limited budget can be difficult. Working out a budget can really help you keep track of your money. There are a few ideas:
 - Cook with your housemates and split the cost of food- sharing food costs and cooking can save you money and effort.
 - Cook in bulk- Cooking in bulk can work out cheaper. Freeze the extra food and defrost it when needed.
 - Get your NUS Card- This card can get you discounts in Top Shop, Top Man and many other high street shops. To get your card, ask at the First floor reception in the Haigh Building.
 - Shop around for discounts
 - Get a Young Persons Railcard- If you are a student, regardless of your age, you are eligible to buy a Young Persons Railcard. They save you up to 1/3 on rail journeys, so if you travel lots they could save you money.
 - Use the library
 - Share books with classmates
 - Be environmentally friendly- turn off lights and electrical appliances when you are not using them. Don't leave equipment on "stand-by".

www.moneysavingexpert.com - Martin Lewis is a famous Money saving expert  and has great impartial information. Check it out!

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Useful Contacts

www.egas-online.org.uk

www.studentsurvivor.org.uk/2/  - Great fun to learn to budget. Create a mini me and budget him or her through University. Watch out though as they starve easily!

www.moneymadeclear.fsa.gov.uk - clear information generally in bite sized bits. provides information on morgages, loans, pensions etc but is also good for budget tips and referral.

www.financial-ombudsman.org.uk - if you have a complaint about a finacial matter where a dispute can not settled, The Financial Ombadsman maybe able to help. They do not take sides, they deal the law.

www.hotcourses.com/studentmoney - has a student loan repayment calculator

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