► Financial
Budgeting
Many students face financial difficulties. Careful budgeting is essential if hardship is to be avoided. Although Bradford is one of the cheapest places in the country to live, we strongly recommend a bit of forward planning to you make ends meet.
The majority of students take out a Student Loan. How about considering transferring your loan cheque into a building society instead of a bank current account? You may get interest on your money from day one, and you may not be able to overdraw. Some building societies now operate cheque accounts, which also give interest, and you can arrange overdrafts. Alternatively, you could put your cheque into a bank high interest account and transfer money monthly into a current account that also gives interest.
Think about regular essential costs, such as rent, bills, leisure, travel, and food. You could pay your rent termly in advance, or monthly by banker's standing order. Either of these methods would prevent you getting a big bill at the end of each term, when your money has run out.
Don't forget that your loan is intended to cover the short vacations (Christmas and Easter) as well as term time, and you will not be able to 'sign on' for state benefits in vacations. Details of loans and eligibility are available from your LEA or alternatively look on the Student Support website at http://www.dcsf.gov.uk/localauthorities/index.cfm?action=content&contentID=3106&categoryID=75&subcategoryID=106
Try using the Monthly Budget Sheet to work out your finances for the coming year. This is also useful to help you fill in Access To Learning and other University Funds if you need to apply.
To find out more about Access to Learning Fund log on to http://www.direct.gov.uk/en/EducationAndLearning/UniversityAndHigherEducation/StudentFinance/Extrahelp/DG_171615
If you feel you are getting deeper into debt, don't just do nothing and hope things will get better - they won't
Do:
- Contact the people you owe money to and tell them you have a problem. Try to come to a payment plan which better suits you. If you have a large debt you feel you will never be able to pay off, sometimes creditors will accept the best offer you can give.
- Use the budget planner on this website to help you take control of your finances. If you find it impossible to stick to your budget try to work out where you can cut back. Make a note of everything you spend for two weeks then highlight any unnecessary expenditure.
- Get free help and advice from the experts. The Hub’s Money Doctors can help point you in the right direction. Call CCCS (Consumer Credit Counselling Service) for free advice on debt: 0800 1381111 or complete a free and anonymous debt remedy at http://www.cccs.co.uk/
Do not:
- Just borrow more money to get yourself out of debt - it may be tempting but it can get you into deeper trouble. Before you borrow more, get some expert advice.
- Ignore or throw away letters or demands for payment.
- Make promises about repayments that you can't keep. Be realistic.
- Think another credit card is the answer.
- Use store cards unless you’re really disciplined. They usually have very high rates of interest with little benefit.
Credit
Using a credit card, instant credit in a shop, catalogue shopping, using a store card – when it comes down to it you are still borrowing money. If you’re going to use credit ask yourself -
- Can you afford it? Before you commit yourself make sure you can really afford the repayments – don’t be talked into borrowing more than you want to.
- Shop around for credit. The first thing you’re offered may not be the best deal. There are many types of credit and numerous rates on bank loans, credit cards, hire purchase agreements and so on. Don’t pay more than you need to.
- Read the forms before you sign.. Once you sign you can’t change your mind unless you had verbal negotiations with the business and the agreement is signed away from the business premises for example, in your home.
- How much will it cost? Check exactly how much you’ll pay back including interest and charges, is it good value?
- Interest free credit cards & credit agreements can work out well but many are only interest-free for a certain period such as a year. Some people find it useful to swap credit cards every year to a new interest-free one, but you need to remember to do this before the interest-free period expires as you can then find yourself having to pay very high interest.
WHAT FUNDS ARE AVAILABLE TO ME?
External Funding
As well as the Student Support website you can also find out what funding is available to you from your LEA, Student Loans, Bursaries, Travel Grants etc by checking out the information provided by the Student Financial & Information Service @
State Benefits
The majority of students registered on a full-time course are not eligible to claim benefits neither during term-time nor during vacations. However, some students are eligible to submit a claim for benefits. For example, lone parents and students with certain disabilities are eligible to make a claim. Particular categories of suspended students may be eligible to apply to benefits. Students on a part-time course are also eligible.
Assistance may be available for prescriptions, dental treatment and glasses. Follow the link for more info: http://www.dh.gov.uk/en/Healthcare/Medicinespharmacyandindustry/Prescriptions/NHScosts/DH_4049391
The new Tax Credit from the Inland Revenue came into force in April 2003 and students with children will be entitled to claim the Child Tax Credit which will be paid to parents regardless of whether or not they are working or studying. Check out the website for further details @
http://www.taxcredits.inlandrevenue.gov.uk/HomeNew.aspx
International students must not claim State Benefits unless there are exceptional circumstances.
Students with Disabilities
The University’s Disability Office offers support for students with disabilities and will be able to inform you if you are entitled to benefits and help making a claim. Check out their website http://www.brad.ac.uk/admin/disab/ for further details.
If you are still struggling financially after you have taken out your Student Loan etc, you may be eligible to apply to the University Funds for help, namely, Access to Learning Fund, Elizabeth Howard Trust Fund and Financial Relief Fund. If you are unsure of your eligibility or have difficulty filling in the form, a member of the Advice Centre Staff will help you.
However, if University funds are not available to you or you are still struggling temporarily, then the UBU Advice Centre might be able to help you with the following funds:
UBU Crisis Fund
The UBU Advice Centre administers a Crisis Fund of up to £150. Decisions are based on confidential interviews and can be made on the same day in an emergency. This money can be allocated in the form of a grant or loan to any student. Priority is given to those students who may not be eligible for other University Funds, (including School of Health and International Students) and to students who cannot work to support themselves.
Halls Hardship Fund
In the event of difficulty paying the cost of your Halls fees, the UBU Advice Centre might be able to offer assistance from the Halls Hardship Fund up to a maximum of £500. Documented evidence is needed to support your claim and the Halls Hardship fund panel will consider your case. A confidential interview is required.
Students from the School of Health Studies
Details of bursaries and grants are available from the LEA. Alternatively, if you have any problems with your funding, contact the School of Health on 01274236367/6/5 or 236544.
It is worth bearing this in mind when shopping. You will be surprised how many discounts you get if you just remember to ask if they do student discount.
Second Hand Store
A good way to save money is to visit the Students’ Union Second-hand store, UBoutique. The store proves very popular with students and lots of bargains are available: bedding, kitchen equipment, luggage, household items, and stationery, not to mention the wide range of clothing. Staff and leaving students have donated most of these items or it comes from unclaimed lost property.
The SU accept donations all year round; just bring items to the office or ring (23) 33000 to arrange collection. The store is open all year round subject to staff availability. The proceeds from this fund go to the Student Emergency Fund to help students in dire need. If you would like to become a volunteer to work in the Store contact the Women’s Officer 23/3241 or e-mail ubu-wlo@bradford.ac.uk
Employment
Balancing paid work with study is becoming the norm for many full-time students. The Students' Union supports the NUS/AGCAS recommendations that students should not take on a job for more than 15 hours a week during term-time. This limit is also a university rule.
Finding Work within the University and Students’ Union
The Job Shop is a good place to start when looking for part-time work to gain experience or extra money. If you wish to apply for a part-time position within the Students' Union, for example, bar or shop work, you must be registered with the Job Shop. Bar staff: there are about 100 positions to be filled at the beginning of each year in Ents &Bars! A great place to socialise, become involved in your Union and earn money. Also, popular positions are Student Stewards: the Student Steward scheme takes place at Friday Night Disco (FND) and other Union nights, come and talk to Jon, the Bars Manager, or ring 23/3263
General Jobs
For paid positions outside the University contact the University-run JobShop (http://www.careers.brad.ac.uk/jobshop/student/index.php) or Career Service (http://www.careers.brad.ac.uk/). The Department for Work and Pensions' JobCentre also advertises current local/national vacancies on the Jobseeker Direct Line on 0845 6060 234 or online at http://www.jobcentreplus.gov.uk .
You will also find vacancies in the local papers, the Yorkshire Evening Post is online at http://www.yorkshirejobstoday.co.uk/JobsOfTheWeek.aspx
On Wednesdays you will find section with vacancies in the Telegraph & Argus newspapers available from the union and most corner shops.
Recruitment and Employment Agencies are also a good source of contact for finding temporary work. Details of these can be found in the Yellow Pages Directory.
Starting Work
Income Tax is levied on all your income (over the personal tax allowance), including returns on any investment (not just from shares but also from building society and bank deposit account interest).
How Tax is Levied
Income Tax is levied on gross income after certain allowances have been taken into consideration. It is calculated on a yearly basis - the year runs from 6 April in one year to 5 April in the next year. Almost everyone who works for a living is obliged to pay tax, although there are exceptions, such as if your gross income is less than the minimum level. Check out the website for more information on Income Tax and related issues @ http://www.hmrc.gov.uk/individuals/index.shtml
Minimum Wage and Government Regulations
The Department for Trade and Industry - Employment Relations provides information on national minimum wages and working-time regulations. There is a confidential Inland Revenue helpline for all types of queries about the minimum wage, Tel. 0845 6000 678. You can find the Dept. for Trade and Industry online at
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