To make the transition as smooth as possible, we’ve put together tips on ways you can start preparing for university.
Try saving some money over the summer before you start university. This can help you stock up on course supplies or other necessities if you’re waiting on your student loan to come through.
If you have an amount in mind, our savings goal calculator can help you see how long it would take you to reach your target.
Creating a budget can help you to stay on top of your cash flow. You’ll be able to see what you have coming in, what you need to pay for, and anything you have left over.
Our budget planning tool can help you get started.
We have more mobile money management tools in our app to help you keep an eye on your spending and stay on top of your finances.
Opening a student bank account can give you somewhere to keep your money. You’ll usually get access to other features as well, like online and mobile banking.
Some student accounts come with incentives, which you can make the most of. But it’s important to check the account suits your needs.
Explore: Financial education for young adults
If you’ve opened a student current account, your bank may have offered you an interest-free student arranged overdraft. But before you start spending, make sure you understand everything to do with your student overdraft. This includes when you’ll need to pay the money back and what happens when you graduate.
Managing your own time is important. From lectures to study time and hanging with friends, there's plenty to do. Learning your course timetable can help you make sure you’re attending all your classes.
It’s handy to look up how you'll get to your lectures in advance, so you know how long it'll take and you don’t run the risk of being late. Check out which buses you can get, or a route you can walk. If you’re planning to drive, look at the options for parking.
It’s likely you’ll be setting off to uni with a laptop, TV and a number of other possessions and gadgets. Taking out insurance can provide some peace of mind that, if something were to happen to them, you'll be covered.
It’s important to make sure you borrow what you need while you're at university, so make a budget early. Once you graduate, and your income is over the threshold amount, you’ll begin paying the student loan back. If you're not working, or if your salary is below the earning threshold, your repayments will stop.
Remember this loan is written off after 30 or 40 years, depending on which plan you're on.
If you do still decide to pay off your student loan early, you can do this either as a lump sum or by paying more than the minimum payments.
Explore: Paying off student loan early
Whether it’s too much coursework, not enough time to study, or you need support with your finances, asking for help is important. Speaking up can help make the situation more manageable and you may be able to find a solution.
Speak to your university about any services they have available to support you.
