Student finance: 6 money things you need to do before university - from maintenance loans applications to jobs

• A-level results day is crucial for students finding out if they've secured a place at their chosen universities
• Financial readiness is a key aspect of preparing for university
• There are a number of important financial steps students need to take before heading away to study
• While it can feel overwhelming, this handy guide should simplify it all for you

A-level results day marks a pivotal moment for many students across the UK.

As the nation’s teenagers receive their A-level results, they are discovering whether they have secured a place at their dream universities.

Embarking on university life is an exciting and transformative experience. But while academics and social life are often at the forefront of a student’s mind, financial preparedness is equally important.

There’s already a lot to think about when preparing to head off to university, and adding student loans, student bank accounts, budgeting, securing accommodation and insurance, and considering part-time work to the mix can be mightily overwhelming.

To help, we’ve put together a guide that hopes to serve as a financial checklist for prospective university students to ensure they have everything sorted before stepping into their new lives.

Sort out your student loan

If you haven’t already applied for your student loan, do so immediately. The process can take a few weeks, and you want to ensure everything is in place before the academic year begins.

You can apply online through the government’s Student Finance website, and there are two types of loan you’ll need to sort out.

Tuition fee loans cover the cost of tuition fees, paid directly to your university, and the maximum amount you can borrow depends on where you study. The loan does not require repayment until you start earning above a certain threshold.

A maintenance loan helps with living costs such as accommodation, food and study materials. The amount you receive is means-tested, meaning it depends on your household income.

You can use online calculators provided by Student Finance to estimate your eligibility.

You could also look into additional funding options like scholarships, grants and bursaries. These are often based on academic achievement, financial need or specific criteria such as course of study or personal circumstances.

Open a student bank account

Student bank accounts are a cornerstone of university finance management, and differ from ‘traditional’ bank accounts in some key ways.

Many banks offer interest-free overdrafts for students, a feature that can act as a safety net for managing unexpected expenses or bridging the gap before the next loan instalment.

Banks often also provide incentives such as travel cards, cashback or retail discounts. While these perks are attractive, prioritise the account features that will be most beneficial to your situation, like overdraft limits.

We’ve put together a more comprehensive guide on the best student bank accounts for 2024 here.

When deciding which bank to go with, you should also consider banks with a branch or ATMs on or near your campus for easy access to cash and services.

Those that offer - though most do these days - a user-friendly mobile banking app can also be incredibly useful for managing your finances on the go.

Plan and budget your finances

Create a realistic budget by listing all of your potential sources of income (such as maintenance loans, part-time work and parental support) against expected expenditures (rent, utilities, groceries, study materials, and leisure activities).

This will give you a clear picture of your financial standing, and from there, you can set aside a small portion of your budget as an emergency fund for unexpected costs. Even a small amount each month can add up and provide a financial cushion.

You can also use budgeting apps or spreadsheets to track your spending - regular monitoring helps you stay within budget and adjust as necessary. We have a full guide to the best budgeting apps here.

If you do find yourself getting in trouble, most universities have financial advisors or services that offer free advice on managing your money. Don’t hesitate to reach out for guidance or if you face financial difficulties.

Arrange your accommodation

Most universities offer university-provided housing, which can even be automatically assigned to you in the event of a successful application, taking most of the hassle out of this step.

But if you’re called upon to sort out your own accommodation, or are looking into private rentals, consider factors such as the proximity to campus, included amenities and the potential need for utility bill contributions.

Be prepared to pay a deposit for private accommodations, and familiarise yourself with the payment schedule to ensure you can meet the deadlines.

Secure insurance

You can protect your belongings from theft or damage while at university with contents insurance. Some student bank accounts offer this as an added benefit, or you can purchase a policy separately.

Some students - especially international students or those with specific healthcare needs - opt for additional health or dental insurance, though the NHS covers healthcare in the UK for the majority.

Get a job

If you plan to work part-time while at university, make sure the hours are manageable alongside your studies - most universities recommend no more than 15 hours of work per week during term time.

Look for on-campus job opportunities such as in the library, student union or administrative offices - these jobs often provide flexibility around your academic schedule.

We’ve put together a full guide on student part-time jobs, including what type of work to look for and where to find it, here.

As you prepare for this exciting new chapter, we’d love to hear from you! Share your thoughts, experiences, or any questions you might have about getting ready for university in the comments section.