We can also offer discretionary short-term emergency loans. Loans offered by external short term and payday loan companies may have huge interest rates which can make it difficult to repay the loan and can lead to unmanageable debts. Our loans are interest-free – you only need to pay back what you borrow.
The funding that you are eligible to apply for depends on your personal circumstances. Find out about the different sources of funding available to our students. You may also be eligible to apply for an award from a wide range of charities and trusts.
Student bank account usually offer an authorised interest free overdraft limit. Many students use this interest-free overdraft to help keep them afloat when funds are running low.
Make sure you shop around and get the best deal. You should look for the student account which offers the largest interest-free overdraft for the longest period of time.
A word of caution
It is not usually a good idea to open multiple student bank accounts. If you stop using one of the accounts, the bank could ask for the overdraft to be cleared without warning.
If you need to make some extra money, you could try taking on some paid work during term time and vacations.
If you are already employed and have worked in the previous tax year, check to see if you have earned less than your personal allowance. If your earnings were less than the allowance, you are entitled to make a claim for an income tax rebate.
You could sell good quality unwanted items to help raise some extra cash. You may be able to use department notice boards, free papers and the internet to advertise items. Sites such as ebay might be a good place to start. Take a look at Money Saving Experts guide to selling on ebay.
There are lots of specialist sites for selling items such as mobile phones, CDs, DVDs, computer games, books, clothes, gold/silver. Be sure to research any site carefully.
Please note the Student Financial Support Team are not responsible for the content of external sites.
Although you should keep your spending to a minimum, if you do need to make essential purchases it’s worth checking cashback sites to see if you can make some extra money.
From food shopping to contents insurance, you will be surprised how much money you can claim back by making your purchases through a cashback site. If you decide to sign up to a cashback site. make sure it does not cost you anything to become a member. Topcashback and Quidco do not charge you to sign up.
Instead of receiving often unwanted gifts, you could request cash or gift vouchers.
If you receive a loan from your family, you may be able to pay it back in a more manageable way than a commercial loan.
Friends and housemates may offer to lend you money, but this could prove difficult, particularly if they are also a student. Friendships can often become strained if you are unable to repay and they fall into difficulties and need you to pay back their loan.
