Finance
Student Finance
Assume you will accumulate a certain amount of debt over your period of study, but don’t unduly worry about it. If you can, take a gap year or some time out to earn money before going to university and where possible obtain a job that may have some relevance to your course. It helps if you take on a part time job at university, though this isn’t meant to distract from the studying. There are a number of employers who provide jobs for students, including universities. Many universities have schemes where students can volunteer (and get paid) as ambassadors, lab assistants, campus helpers and mentors: a part-time job doesn’t have to be off-campus.
Graduates are reportedly leaving university with debts of over £13,000. With the advent of Child Trust Funds as a long term measure to assist with the costs of higher education, there is pressure on financial providers to not only consider the type of financial product they offer students, but to additionally review how they communicate complex terms to this young market and to ensure students have a solid understanding of the personal finance market. The P38(S) form, which ensures students earnings are not taxed, only relates to VACATION work. If a student works all year round, as the guide suggests they might choose to do, they will pay income tax on their earnings under PAYE. Of course, if they earn less than basic tax allowance, they can claim it back at the end of the tax year.
Student debt can be a worry if you’re thinking of going to university. Coping with budgeting and money management can seem like a real hurdle. But every year, millions of students do cope, with the help of loans, parents, part-time work and university support. There are many ways of making this big investment in your future work for you. This guide tells you how to get the most out of your finances; about how much it all costs, planning, saving and spending your cash, and who can help if things are tight.
