17/09/03

With the holidays over, possessions packed and minds alert for learning, students are heading off to university.  Many will be returning to an already familiar environment, but for freshers, the first week at college really is a step into the unknown.  Lloyds TSB Student Banking offers the following advice to help new undergraduates get off to a flying start at university:

• Make sure that you have explored all the funding options available:
? Check out any special bursaries and grants offered by the university or college itself.
? Apply for your student loan early in the term and put the money in a savings account to earn interest until you need it.  Budget carefully – withdraw funds from your loan in monthly amounts, to make it last.
? Good sources of advice, especially about loans, are the student union at your university as well as the DfES.
• Estimate now what your likely expenses will be. For example, find out the average cost for accommodation.  Make sure the rent – one of the biggest expenses – is paid at the beginning of term.
• If you will be sharing a house with other students, check that you have signed a proper lease that protects your rights – most university accommodation offices and student unions can help with finding flats and about understanding the lease.
• Open a bank account before you go to college, to receive loan funds and pay bills such as rent, which need to be paid early in the term.
• Develop a good relationship with your bank – you are likely to need their help throughout all the years of your course.
• Shop for food with friends, making use of special bulk buying offers in supermarkets such as ‘buy on get one free’.
• Get a National Union of Students (NUS) card to allow you to make the most of student discounts and special offers.
• Don’t buy all your books immediately, as many second and third year students will be selling their unwanted books and most universities have a second hand bookshop.
• Your room will have some valuable possessions in it.  Don’t leave your door open, even if you are just wandering down the corridor.  Check if your belongings are still covered as part of your parents’ home insurance.
• Try not to overspend in freshers week – make sure you budget so that your funds last until the end of term.
• Remember that going to every event may increase your popularity, but could mean a lot of extra studying later in the year.
• Finally, don’t forget that everyone will be feeling the same as you – so don’t be shy at getting chatting – it will be the quickest way to make new friends.

Louise Williams, head of student and graduate banking at Lloyds TSB, says: “Going to university is a life changing experience for most students.  By sorting out your finances early on, the sooner you can settle in and make new friends.  Hopefully, our advice will help freshers get their student days off to a flying start.”

Provided by the Lloyds TSB