National Student Money Week: Your Questions Answered

Exams aren’t always the biggest challenge students face when studying at uni. With National Student Money Week running 4th - 8th March 2024, we’re here to help you better understand money management. We’ve gathered the most Googled questions on student budgeting to help you find the answers you need!

National Student Money Week: Your Questions Answered

Exams aren’t always the biggest challenge students face when studying at uni. From loans to daily bills, there’s plenty of financial responsibilities stacked on you as a uni student.

With National Student Money Week running 4th - 8th March 2024, we’re here to help you better understand money management. We’ll also cover what benefits full-time students can claim and how to get a student discount card for even bigger savings.

This year, Student Money Week is focused on “Less Risk, More Reward: Maintaining your financial well-being at university.” With costs rising, money management is all about making smart decisions and grabbing whatever student discounts and benefits you can find.

Your uni will have student unions and events on these issues. These are a great opportunity for quickly stacking up on some deals and getting information from teams well-versed in student rights. You can also check out our guide to budgeting as a student.

If you’re a Unite Students resident, you have access to Blackbullion’s free financial wellbeing platform which helps students develop financial skills and empowers better decision making. Blackbullion is an online learning platform that is jam-packed with tools, resources and courses to help you grow your financial skills and your confidence! Get access here and take control of your finances.

We’ve gathered the most Googled questions on student budgeting to help you find answers:

• Student bank accounts

• How to get a student discount card

• What benefits can full time students claim?

• Student grants, scholarships and bursaries

Student bank accounts

Should I open a student bank account?

While you might have options for managing your money, opening a student bank account is the best way to go. You’ll enjoy a variety of perks, including:

• Interest free overdrafts:

  These are a great buffer when you’re learning to manage funds and allow you to borrow a certain amount of cash without interest creeping up on you.

• Transport and grocery benefits:

  Major banks often set up partnerships with national retailers that are popular among students. Whether it’s student discounts, student rail cards and coach tickets, or grocery discounts, they’ll help you save money.

• Financial guidance:

  Some banks might also help you out with advice on managing your money and financial independence as a student.

Remember, offers might vary by time and location, so don’t just jump into the first student bank you see. Do your research and check out all the perks each bank has to offer. While some might tempt you with freebies, it’s often best to go with one that gives you good interest and a generous overdraft limit.

What do I need to open a student bank account?

Here’s all you need to get started with student banking:

• Two ID docs (A valid passport or national ID card)

• Proof of student status e.g a UCAS or acceptance letter from university

• Proof of address (E.g., utility bill or rental agreement)

Most banks will have an online option for application, but you can also visit your nearest branch. If you’re stuck, it’s best to contact a customer representative at your bank as the process may vary for different banks.

How to open a bank account as an international student

While the process is pretty similar, there’s just a few extra steps you need to know about opening a bank account in the UK as an international student:

• When opening a student bank as an international student you’ll require some extra documentation. This includes your biometric residence permit (BRP), passport and visa documentation, CAS letter and proof of address in the UK (if applicable).

• To open a local student bank account, you will have to visit the branch in person. We also recommend having a Forex card or some cash on you before your BRP arrives, so you can make transactions before your primary student bank account is set up.

Can I change my student finance bank account?

Is your student finance plan linked to a different account? Once your current student bank account is open, you can shift the payment plan via the online government portal.

How to get a student discount card

Being smart with money is all about saving wherever you spend, be it groceries, transport, or travel. One of the best ways to do this is via a student discount card.

Wondering how to get a student discount card? Formerly known as NUS extra, all your student discounts and offers can be found under the TOTUM card. As the leading brand with over 350 different deals and partnerships with Tastecard and Coffee Club, you’ll save a ton throughout your uni years.

How to get a student discount with TOTUM

Get started with the best student deals in four simple steps:

• Visit the

  TOTUM registration page

• Select your uni or college from the list of options

• Choose your educational institution from the list

• Verify your student status with your email and finish

What benefits can full time students claim?

With a ton of financial documentation online it’s hard to find the finer details on what benefits full time students can claim. While the answer may depend on your situation, most students can’t claim Universal Credit as they are already provided with maintenance loans for managing finances during their studies.How to utilise your maintenance loanWant to maximise the potential of your maintenance funds so that you can save up? Here’s a few quick tips:

• Budget before you buy and prioritise needs over wants

• Try to cook at home with pantry options as often as possible

• If you can, look for part-time work to bring in extra cash

• Create a savings plan and set aside money for emergencies

• Look out for discounts and deals for cost-effective options

If you’re looking to get a better handle on specific student financial jargon, check out our guide. While most students can’t claim benefits, there are some exceptions. Read on to learn more.

Can disabled students claim benefits?

If you’re a university student in the UK with a disability, you are eligible to claim DSA (Disabled Students’ Allowance). This can be used for any extra costs you may incur due to your disability during your time as a student.The allowance is divided into four sub-types:

• Specialist equipment

• Non-medical helper’s allowance

• General expenditure

• Travel

Can students claim housing benefit?

Most students are limited to maintenance loans for bills and housing. As the same rules apply for housing benefits as Universal Credit, you can only make a claim if you’re in supported, sheltered or temporary housing.

Can students claim unemployment benefits?

As you’ll be studying full-time at uni, traditional unemployment criteria doesn’t apply. This means you’re not entitled to Jobseeker’s Allowance (JSA). There might be an exception to this rule if you’re a single parent.

Can Masters students claim benefits?

The majority of Masters students can’t claim welfare benefits, however if you have dependents or disabilities, you might be eligible for other student benefits.

Can part-time students claim benefits?

If you’re doing a part-time course, it’s possible to get Universal Credit if you’re available for work. Bear in mind that you’ll be required to provide evidence for the schedule of your course and other details to qualify.

Can postgraduate students claim benefits?

Postgraduate courses have the same status as Masters students for Universal Credit and welfare. Only students with disabilities and dependents are eligible for student benefits.

Can students claim benefits during summer?

During summer break, certain students are eligible for Jobseeker’s Allowance funds, including:

• Lone caregivers/parents

• If your partner is also a full-time student and one or both of you is responsible for a child or young person

• You have an eligible disability

Note: You also need to have enough National Insurance contributions and be available for work.

Student grants, scholarships and bursaries

Allowance funds aren’t the only thing that can help you on your financial journey through uni. There are a variety of scholarships, bursaries and grants available for students. These can be based on merit, cultural and medical eligibility, and cover a variety of unique situations.

It’s good to do some research as these don’t only come from the government. You might find financial grants specific to your preferred uni or assistance from private organisations and philanthropists.

Here’s a few examples of popular bursaries and grants that you might want to check out:

• Special Support Grant

• Maintenance Bursary (Scotland)

• Disabled Students' Allowances (DSA)

• Dependants' and childcare grants

• NHS Bursary

Confused about applying and researching for grants and scholarships? Check out our guide on student financial scholarships for a great starting point.