What do you do if you run out of money at university?

The reputation of university students as being pityingly poor did not come about without real life justification. Uni is expensive, with a combination of over-priced accommodation, the constant expense of food and the general cost of living all adding up to make money a struggle for some students. There’s little need to panic, however, as universities give you a range of options to turn to when money is tight, and there is likely to be something for everyone...

Scholarships and bursaries

We spoke to Rob, who is entitled to a bursary which is given to him in two separate payments, one each semester due to the income his household received when he was a student. The amount you receive, if any at all, is dependent on your household income but nothing else is taken into consideration.

A scholarship funded by alumni was available to Rob. The application included writing a personal statement, as this scholarship works to fund promising students (more money can then be put into the scheme once they graduate with well paid jobs).

Speaking to Rob, it was apparent that this scholarship was very useful. He said: “The bursaries help me out a lot. They mean I can afford to focus on my work more, as I don’t have to find a part time job.” Also, Rob liked to take part in clubs and classes run by the university, which means money is being put into the sports sector of the uni whilst Rob is gaining fitness and experiencing new things.

Short-term loans

This is just one example of the funds a university has set aside to help its students. Hardship loans are offered to people on a needs basis, meaning that students who, for example, have someone financially dependent on them or have no other source of income, will get first priority. For students in this kind of situation, a “short-term loan” is available, the amount available and repayment terms vary by institution.

Part-time jobs

For people who don’t qualify for any bursaries, scholarships or loans, many universities also have a “job shop” or job board, which you can visit if you are struggling to find a job. I am signed up to “MyVacancies”, which is an online database filled with local job opportunities, ranging from casual bar work to projects within the university. They also run a scheme called “taste of work”, which aims to provide people with work experience if they do not have any. This can be a starting block in the world of work, which is helped along by CV and cover letter building that is also offered by the university.

Also, the university puts on fairs during freshers (and re-freshers) to give people a chance to meet employers. These are great places to find work, as many local businesses are at the fairs to showcase the jobs they have available. Remember, these businesses are trying to find employees at the same time that you are trying to find employment, so taking along a few CVs and handing them out to places that suit you could really pay off.

There will always be options

Money – or rather, a lack of it – can be such a source of worry for many university students, but it is important to remember that you will always have an option to turn to. Whether or not you qualify for the multitude of bursaries, scholarships or loans available, the university will also offer some kind of support in finding work. In summary, your options do not end with your student loan and your parents’ generosity; a brief look on your future uni’s website should reassure you that you won’t need to go without.

NEXT: Get more advice about student money