Preparing financially for studying

Beginning your studies at university is one of the most important and exciting life choices that you will make. For many students, it may be the first time living independently away from home, for others, it may be a return to education after pursuing different paths.

Planning-ahead financially is an important part of this experience and will allow you to focus on and enjoy your studies.

Funding your studies

The funding that you are entitled to access depends on several factors such as fee status, residency, previous study, and the course that you are studying. Find out more about fees and funding.

Further specific information on the funding available for each of the UK funding bodies is below:

Student Awards Agency Scotland

Student Finance England

Student Finance Wales

Student Finance Northern Ireland

Further information for international students: fees, scholarships and funding

Other sources of funding and income

There may be other sources of funding that you are eligible to apply for while you are studying at university, and we would encourage you to check out further information on our webpages:

Living costs

Once you know the funding that you are going to receive it is important to look realistically at what your living costs are likely to be during your time at university, particularly if you will be living away from home, in university-maintained accommodation, renting privately, or commuting a distance. 

Our cost of living webpage provides information on the average typical costs you may incur to enable you to plan ahead as well as providing some general cost-saving tips and advice.


Once you know the amount of funding that you are going to receive and have calculated your living costs, you can look at preparing a budget to check that your income is going to cover all costs. This helps you to determine the budget you will be working with when you are studying at university and flag any potential financial issues before you start your studies. 

How to create and manage a budget.

Bank accounts

Whether you already have a bank account or are looking to open one, it is important to check what offers are available to you as many banks offer student current accounts that may come with additional benefits. You may wish to contact your existing bank to find out what they can offer, or find out more on the following webpages:  

Useful banking information for international students. 

Council tax

Full time students are normally exempt from paying council tax. Depending on your living situation, this may be a full exemption or a percentage reduction depending on who you are living with, and their student/employment status.


Find out more about information on travel options to the University.

Make sure that you look into the best travel options available and factor the cost of travel into your budget.

Course placement costs

Many subjects include placements as an integral part of the course. For example - Teaching, Social work, and Nursing or Paramedic Science. It is important to plan-ahead for these as they may impact on the hours you can work if you have or are planning to start a part-time job. Travelling to the placement location may also have cost implications that you need to take into consideration.