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Finance

Debt and budgeting

Most students need to manage on a very tight budget. This can often feel impossible, but this is where budgeting early in the year may help. 

Ways to try to maintain a healthy balance

  1. Check is your student loan is the correct amount – we can help with this.
  2. Make a budget. Check out Save the Students 1-minute budget cheat sheet for help making your own budget. Check out the NUS Budget Sheet, too
  3. Put money for essentials aside e.g., rent, bills, travel and course costs before spending on anything else.
  4. If after the essentials you have very little left, think about how you could maximise your income. This could come from applying for a job, checking if your student loan is the right amount (we can help with this), applying for grants from around the UK, applying to the University hardship fund called Day to Day Support and if you have children, a partner on a low income or a disability, contact us about benefits.
  5. Check you aren’t paying too much tax on your job with the guide on the Government website. 
  6. If you’d like a food parcel, contact us and we can arrange one with the local food bank for you.
  7. Apply to the University hardship fund called the Day to Day Support in plenty of time – it'll take at least four weeks to process. Contact the University Student Financial Support Unit to chat about the Day to Day Support and Emergency Financial Support on 01612471045.
  8. Treat money owed to the University with the utmost priority. The University can impose sanctions for unpaid debts. Chat to them about what you can afford and when. Contact us if you need help with this
  9. Use internet banking or a banking app on your phone and set up alerts
  10. You can use budget tools to keep on track. The Money Saving Expert site has tips and recommendations
  11. It can be stressful to do so, but also try to check your bank statements at least once a month. Keep them in case you need to apply to the University hardship fund called Day to Day Support, which requires statements from the previous couple of months
  12. If you receive a letter or email from the bank or council – open it asap, sit with a friend or family member if it feels overwhelming. Ask us for advice if you need to
  13. Consider using direct debts as this can be cheaper for your bills over the year
  14. Check your meters and let the relevant companies know the readings
  15. Don’t move out of your accommodation early without checking your legal position. You could be left owing a large debt to your landlord. See us for housing help
  16. If you get into financial difficulty, read the above and seek help quickly. Contact us in the Advice Centre

FAQ's

Consider applying for a job, check if your student loan is the right amount (we can help with this), applying for grants from around the UK, applying to the University hardship fund called Day to Day Support or Emergency Financial Support and if you have children, a partner on a low income or a disability, contact us about benefits.

If you’d like a food parcel, contact us and we can arrange one with the local food bank for you.

Yes, the University has several support funds that you may be eligible to apply for. Most students apply for the Day to Day Support (hardship fund) or Emergency Financial Support.

You can speak to the student financial support team on 0161 247 1045 if you want more information.

You can apply for the University Day to Day Support (hardship fund) or Emergency Financial Support. You can speak to the student financial support team who administer these funds on 0161 247 1045. 

If you have Tuition Fee debt, please speak to the Collections and Recovery team to set up a repayment scheme. Explain what you can afford and when you’ll pay. If you need support you can chat to us as we are independent of the university, contact us

You can apply for grants from around the UK

Ask your home country if there’s any support they can offer.

If you’d like a food parcel, contact us and we can arrange one with the local food bank for you.

Yes, we can help you to plan a termly budget. Unfortunately, most students find that their student loan is not enough to cover their accommodation and living costs and they also rely on part-time work and a student overdraft to see them through. 

Consider applying for a job, check if your student loan is the right amount (we can help with this), applying for grants from around the UK, applying to the University hardship fund called Day to Day Support or Emergency Financial Support and if you have children, a partner on a low income or a disability, contact us about benefits.

Don’t forget to check out the Student Budgeting Planner from Money Saving Expert, as well as a budget sheet from NUS.

Check out Save the Students 1-minute budget cheat sheet for help making your own budget.  

We can advise on budgeting if you come and speak with an adviser.

It’s a good idea to let the companies know you’re struggling; they may be able to put a short hold on payments if you talk to them.

However, then you’ll need to come up with a plan. We offer a free debt advice service and can look at the options that are available to you for dealing with your debts. In some cases, we can negotiate with your creditors (the people you owe money to), and we can help you to set up a realistic payment plan.

Many other services also offer free debt advice. You can chat to an adviser on the National Debtline website. They also offer loads of useful budgeting tools, fact sheets and FAQs.

Contact us for detailed debt advice.

A landlord cannot usually simply evict you for being late with rent once, however, check your contract to understand your legal rights or email it over to us for housing advice. It’s important to let the landlord know you’re struggling and come up with a plan. We can help you do this – it may be offering a small amount off the arrears each month on top of the ongoing rent. 

You could consider applying for a job, you can check if your student loan is the right amount, (we can help with this), you can apply for grants from around the UK, apply the University hardship fund called the Day to Day Support or Emergency Financial Support and if you have children, a partner on a low income or a disability.

If you’d like more help, contact us to speak with an adviser. 

Most full-time students are not eligible to claim welfare benefits unless they have a dependent child or a long-term health condition or disability. If you’re not sure but think that you might be eligible, please get in touch and an Adviser will be able to check for you. 

You can also consider applying for a job, check if your student loan is the right amount (we can help with this), apply for grants from around the UK, apply for the University hardship fund called the Day to Day Support or Emergency Financial Support.

Funding

Unfortunately, there’s not a lot of short-term money or quick access money available to students. Therefore, it’s important to start dealing with any potential financial problem as early as possible, if you can. Thinking about a budget is a good place to start – think about what money you have coming in and what you have going out.

University Financial Support

Student Support Package 

Undergraduate students with a household income of below £25,000 and who’ve been financially assessed by Student Finance will be eligible for the Student Support Package - if you’ve not opted out of sharing information from Student Finance England/Wales/NI with the university. 

Care Experienced students

Care experienced students at Manchester Met can apply for a cash bursary called the Care Leavers Bursary.  

The accommodation office will prioritise care experienced students for Manchester Met Halls and can support with deposits if you’re struggling. They can provide accommodation 365 days per year for students that need it.

The University is one of the Unite Foundation’s partner universities, giving care experienced and estranged students the opportunity to apply for free accommodation during their degree. 

Check out the University website for detailed explanations of all University support for Care Leavers.

Estranged Students

Estrangement from family usually means that you have no relationship with either parent. Student Finance can consider you as an independent student if are estranged as explained here – we can offer more advice and support with this if you would like us to. 

The University can offer you a cash bursary called Estranged Student Bursary

The accommodation office will prioritise care experienced students for Manchester Met Halls and can support with deposits if you’re struggling. They can provide accommodation 365 days per year for students that need it.

The University is one of the Unite Foundation’s partner universities, giving care experienced and estranged students the opportunity to apply for free accommodation during their degree.

Check out the University website for detailed explanations of all University support for estranged students.

FAQ's

Manchester Met has several support funds that you may be eligible to apply for. The best fund to apply for will depend on your situation and why you need the money – read their website or call them on 0161 247 1045 to determine which fund to apply for. 

If you’d like a food parcel, contact us and we can arrange one with the local food bank for you.

It depends on your situation. Manchester Met offers a Care Leavers bursary and an Estranged Students bursary that are available to Manchester Met students who meet certain criteria. You can read about University Support Funds on the university website or call them on 0161 247 1045.

Possibly. If you can’t afford the £100 contribution towards your EPA, you should get in touch with the Manchester Met Student Financial Support team to see whether they can offer any help. They’ll discuss your options and advise you of any financial support available. Get in touch by phoning them on 0161 247 1045.

Extra funding is limited. Firstly, check if you can apply to the University support funds If you’re unsure, give them a call on 0161 247 1045. 

You can usually receive government benefits if you are a part-time student, you have dependent children, you are sick or disabled or you’re over pension age. We can offer more guidance on benefits if you would like us to. Just reach out to our Advice Team.

You can also use this grant search tool to look for grants from around the UK

If you’d like a food parcel, contact us and we can arrange one with the local food bank for you.

There are some educational trusts and charities that you can apply to for extra help. You can also use this grant search tool to look for grants from around the UK.

If you’re a nursing or social work student, you may be eligible for extra support from the NHSBSA Nursing students can apply for the Exceptional Support Fund.

Reach out to us if you want to chat more Advice Team.