Your first instalment of student loan: what to do and what not to do

There are numerous exciting moments when starting university: moving in day, first classes, and meeting new people. But perhaps receiving that first instalment of your student loan (and arguably every subsequent instalment) is THE most exciting moment there is.

However with the great first instalment comes great responsibilities, so here are the essential do’s and don’ts that you should know:

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DO budget: as boring as it sounds you need to make your money last for the entire term and if you don’t have a part-time job then this is probably the source of funds to pay for those important things. Remember this money is going towards your accommodation, food, books, stationery and socialising- so take that into account.

DON’T spend it all in the first week: Rule number one! Never, ever, ever spend the entire instalment in the first week, not matter how tempting it may be.

DO consider part-time work if you think you need more money: Sometimes the student loan just isn’t going to reach the entire term, so consider supplementing it with part-time work- you’ll find tons of opportunities both on campus and in nearby Colchester.

DON’T worry about tuition fees: The whole tuition fee thing can seem daunting, but don’t worry your first instalment of your student loan does not go towards it- this is handled separately between the university and the student loans company.

DO learn about food: Gone are the days of eating nothing but baked beans and pot noodle as a student. You can now buy good food quick cheaply, so you can eat and live well on a budget. Try shopping around and don’t rely too must on takeaways.

DON’T give into temptation: With the prospect of thousands of pounds at your disposal it is easy to get tempted by pricey clothes, jewellery, technology and the rest- but don’t do it at the risk of leaving yourself short at the end of term.

 

Good luck and happy spending (or saving!)

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