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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. Money Saving Expert has some helpful tips and we can talk to you about Term-by-Term budgeting. The Advice Centre has made a Termly Budgeting Document, that couples with a Budgeting Spreadsheet to help you plan your finances throughout the year.
  3. Put money for your known, fixed costs for essentials aside e.g., your rent for the term, bills (including mobile), 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), check if you are entitled to the Manchester Met Success Fund, check if you are entitled to the University Financial Assistance Fund. If you have children, a partner on a low income or a disability, contact us to chat about benefits. You may also be able to apply for grants from around the UK via Turn2us, however, these may be limited and competitive
  5. Apply to the University Financial Assistance Fund in plenty of time- it'll take at least four weeks to process. Contact the University Student Financial Support Unit to chat about what support they can offer on 0161 247 1045. They may also be able to offer emergency financial support
  6. Check you aren’t paying too much tax on your job with the guide on the Government website
  7. If you’d like a food parcel, contact us and we can arrange one with the local food bank for you
  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. We know looking at bank statements can stressful but please try to check them at least once a month. Keep them in case you need to apply for any grants because they may require statements from the previous couple of months
  12. Consider using direct debts as this can be cheaper for your bills over the year
  13. Check your meters and let the relevant companies know the readings
  14. 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
  15. 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), apply for grants from around the UK, contact the University Student Financial Support Unit on 0161 247 1045 to see if they can offer any support such as the Financial Assistance Fund 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 support funds that you may be eligible to apply for - this includes the Financial Assistance Fund. You can view the support funds and speak to the Student Financial Support Team on 0161 247 1045 for more information.

Please contact the University Student Financial Support Unit on 0161 247 1045 to see if they can help.

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 if you come and speak with an adviser. 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.

You can use Budget planner | Free online budget planning tool | MoneyHelper or Student Budgeting Planner.

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, contact the University Student Financial Support Unit on 0161 247 1045 to see if them can help via support funds such as Financial Assistance Fund and if you have children, a partner on a low income or a disability, contact us about benefits.

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 can’t 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 can use Budget planner | Free online budget planning tool | MoneyHelper or Student Budgeting Planner

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, contact the University Student Financial Support Unit on 0161 247 1045 to see if them can help via support funds such as Financial Assistance Fund and if you have children, a partner on a low income or a disability, contact us about benefits.

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 use Budget planner | Free online budget planning tool | MoneyHelper or Student Budgeting Planner

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, contact the University Student Financial Support Unit on 0161 247 1045 to see if them can help via support funds such as Financial Assistance Fund and if you have children, a partner on a low income or a disability, contact us about benefits.

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.

FAQ's

There is limited extra funding available for students, but the University Student Financial Support Unit may be able to help via their support funds such as the Financial Assistance Fund. Give them a call for more advice on 0161 247 1045.

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, contact the University Student Financial Support Unit on 0161 247 1045 to see if they can offer any support such as the Financial Assistance Fund 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.

There is limited extra funding available for students, but the University Student Financial Support Unit may be able to help via their support funds such as the Financial Assistance Fund. Give them a call for more advice on 0161 247 1045.

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, contact the University Student Financial Support Unit on 0161 247 1045 to see if they can offer any support such as the Financial Assistance Fund 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.

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.

There is limited extra funding available for students, but the University Student Financial Support Unit may be able to help via their support funds such as the Financial Assistance Fund. Give them a call for more advice on 0161 247 1045.

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, contact the University Student Financial Support Unit on 0161 247 1045 to see if they can offer any support such as the Financial Assistance Fund and if you have children, a partner on a low income or a disability, contact us about benefits.

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.

We've put together this Compelling Reasons case document to tell you more about it, as well as a letter template for you to go forward with your request.