If you have just started university or college, you may be worried about student finances.

It can seem a minefield of monies but reading around the subject can help you gain a better understanding of what you’re eligible for and how to apply.

Firstly there are loans – these have to be paid back once you’ve finished your course and you start earning a certain amount of money. Loans are dependent on personal circumstances such as age and nationality, the university you’re going to, and the course you will study.

Check the criteria to see if you are eligible

Another way to get funding for your studies is to apply for a grant. Grants do not need to be repaid, but they are only available for students with particular circumstances, so check the criteria to see if you are eligible.

There is also additional financial assistance available if you’re on a low income; for students with disabilities or dependents; if you intend to study medicine, teaching, or social work; and if you go abroad to study.

There are different criteria and amounts offered for full-time and part-time students, and for undergraduates and postgraduates – for full details, search on the internet for student finance England or look on the UCAS website.

Funding for tuition fees and living costs

Funding helps to pay for two main areas: tuition fees and living costs.

The amount that tuition fees cost is dependent on what course you take and where you study.

To help with living costs, you may be able to apply for a maintenance loan, which is assessed based on household income – either your income or your parents’ if you currently live at home. Living costs include rent and bills, food, transport, books and other materials, and of course, socials!

Even though being a student is partly about having a fun, wild time, don’t spend all your money on alcohol and partying! It is important to keep up your payments of rent and bills, otherwise you could find yourself in debt or with a court order.

If you’re struggling, don’t suffer in silence

If you feel you are struggling with your expenditure or getting into debt, don’t suffer in silence, as this can have negative effects on your studies and overall wellbeing.

Don’t ignore problems either; be open about it. For advice, speak to someone in your university’s support services such as a student advisor, or talk to family or friends who can offer support. Learn to budget so that you can cut back on unnecessary spending and focus on the important factors.

Above all, being a student is not all about issues with money. Make the most of your time at college or university and enjoy student life!