My accommodation has asked for a guarantor, what does that mean?

Yes, potentially. Here are several other ways you may be able to get funding to help you through your studies:

1) Disabled Students Allowance (DSA) – This is awarded to eligible students in order to assist with any additional costs that come with physical disabilities, mental illnesses or learning difficulties. Applications are completed through your student finance organisation and can be done when you get to university. The student support services will be able to provide more help and advice on this.

2) Bursaries – This is a sum of money that a university may pay you if you match any of their criteria, such as household income, academic performance or sporting ability. It’s typically paid in instalments across the year and the amount can range from a few hundred pounds to several thousand, which you won’t have to pay back.

When completing your student finance application there is a box that you can tick which allows your household income information to be shared with your university. Tick this and it will help your university determine if you need extra financial help. And remember, you can always contact student services directly to talk about any extra support.

3) Scholarships – Again, this is a lump sum paid in instalments that doesn’t have to be paid back. These are usually awarded for academic, sporting or community excellence, or a particular talent in music or art for example.

Some universities also offer specific scholarships for care leavers or refugees, or to encourage studying a particular course. Although numbers are limited it is definitely worth applying, as it could be a big financial help through your studies. Applications are made through your specific university and, despite it feeling unnatural, you really have to sell yourself.

But it’s not just universities that offer scholarships. For example, the Unite Foundation offers scholarships to care leavers or people estranged from their families, providing free accommodation with Unite Students throughout their entire degree. The key here is to make sure you do your research.

4) Benefits – You could also be entitled to additional benefits if you live alone, have a child or are responsible for another dependent, or if you are disabled. Make sure you check https://worldpaydayloans.com/payday-loans-tx/corsicana/ with your local authority to see if you are eligible.

A guarantor is someone who acts as a guarantee that if you can’t pay your rent, they will pay it for you.

Why wouldn’t my loan cover my accommodation?

Depending on the amount that you’re entitled to, your maintenance loan might not necessarily cover your accommodation costs. This is because the government also expects parents, carers or students themselves to supplement the additional costs of uni.

As this isn’t always possible, many students choose to have a part-time job alongside university. In fact, in many of the UK’s cities you’ll find students working in retail, hospitality or for the university itself. Another option is to get temporary jobs in the holidays and using your pay to supplement your student lifestyle.

If you’re living with Unite Students, you could even become one of our paid student ambassadors. Find out more here.

What is a student bank account and why do I need one?

A student bank account, as the name suggests, is a bank account designed especially for students. It usually has low or no overdraft fees and many of them also have perks for joining. These perks can include railcards, discounted coach passes and even free money for signing up. It’s definitely worth looking into!

So, that’s student finance in a nutshell. Although it seems complicated and daunting, once you’ve got the hang of it, it’s a massive weight off your shoulders and allows you to begin budgeting for the year. Good luck!