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Student Funding

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• Starting in 2012-13
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Manage your money

Notification of changes

You must keep the SAAS and SLC informed of any changes to your bank details. SAAS can take notification of these changes over the phone but need about three weeks' notice before the next payment is due.

Tips on how to manage your money

We have put together a list of top tips that will help you save money and tips for independent students to help you manage your money while at university.

Budgeting

Budgeting is a skill which has to be learned, but it can become a great tool for managing your life. All students are encouraged to meet with the Student Funding Officer to discuss a budgeting plan.

If you receive your loan in three instalments, it may be easier for you to deduct expenditure like rent, utility bills and books from your loan when you get it and survive on the rest. Similarly, if your student loan is paid monthly and you have bills that are paid quarterly, you should cost this out per month and keep the money aside.
Have a look here at a budget planner you can use to help your monthly expenditure.

Debt

Be careful - debt is easy to get into and difficult to get out of. Do not go over your interest-free overdraft limit as the fees can be hefty. See the British Bankers' Association leaflet on dealing with debt:

Credit and store cards

Plus points:

• Used wisely they can help bridge temporary gaps and are good for emergencies
• If the bill is paid in full and on time each month, then this can contribute to building a positive credit history
• You can benefit from the initial discount a store card offers, pay the bill in full and on time and then use it rarely.
• They can offer some purchase protection

Negative points:

• You can end up spending money you don't have
• Interest rates are usually very high
• It's easy to allow bills to mount up unless you are very disciplined
• This can cause huge problems and potentially wreck your credit rating for a very long time

Essentially, if you are not confident that you can keep on top of these kind of bills, don't take these cards on - ever!