How do students pay for accommodation at uni?

When looking at your university options you may be thinking about how you’ll pay for your room once you're there. Will you need to get a job? How often are the payment dates? Is there any financial help offered? We’ve put together our top tips to guide you on your research journey and hopefully ease your mind!

Tuition fees vs accommodation fees 💸

These are two separate payments that can sometimes get mixed up. The accommodation fees cover the place you have chosen to live, whereas the tuition fee is simply the charge for the university course you are taking. For most UK and EU students the government offers student finance to help cover the cost of the tuition fee, so this is usually a charge you can forget about.

Student finance and maintenance loans 🏠

As mentioned above, student finance is available for most UK and EU students. This loan is mainly used for paying the tuition fees of your course. Maintenance loans on the other hand are an additional loan which some students might be eligible for. This is to help cover for your accommodation fees and living costs while you are studying. It is paid directly to you three times a year - usually around the start of each new term. The amount you are entitled to depends on your household income. Both loans are repayable ones. But don’t worry, you won’t need to start paying them back instantly, and you’ll only repay it if you earn over a certain amount a year. Check the Government website to see when you will repay your loan. 

Student loan and grants 💚

The difference between the two is one will need to be repaid, but the other wont. A loan will always be repayable, but for a few students, a grant may also be paid to them. This is extra money, on top of any loans they may have received, that they will not need to repay. However, not everyone is eligible for a grant. Typically, you may be offered a grant, also known as a bursary, if you are studying certain courses in medical, teaching or social care. Other reasons may be if you come from a low-income area, house or school. Your university website should have more information on grants and bursaries. 

How often do I pay for my accommodation? 📆

This will depend on the specific accommodation you have chosen. For example, private accommodation, such as a shared house, may ask for monthly payments only, whereas student accommodation such as PBSA (purpose-built student accommodation), or university accommodation, may offer monthly, termly, and even annual payments.  

It’s a good idea to first ask what the payment due dates are like before committing to your student housing. The regularity of the payments may affect whether you will be able to afford them on time or not. Most providers do let you choose the payment plan you want when booking your accommodation and will even send you reminders when the next rent is due.

What method do I use to pay my accommodation fees? 🏦

How you pay for your accommodation at university is another factor that is dependent on the accommodation you have chosen. Some providers will set up a direct debit so each month or term etc. the money will be automatically withdrawn and you won't have to worry about late payments - unless you accidentally ate into your accommodation savings! Others simply rely on you to remember your payment date (often sending you reminders) and you can send them the money via bank transfer, by logging into your accommodation account, or by paying via card at reception if your place has one. 

What if I can’t afford the payments? ❌

There may come a time where you find yourself struggling to make ends meet. This could be around Christmas time where you spend most of your cash on presents for others… or even yourself! Or it could simply be a month where you did not realise you had spent so much. Whatever the reason, you need to make sure you are informing your landlord as soon as you realise you won't be able to make the payment. If this is a one-off situation, the landlord may be more lenient and offer to place the payment on hold until you can afford it. They may even suggest a different payment plan that falls in line better with your finances. It is important to remember however, that paying your rent and bills should always be a priority above nights out, shopping sprees and any other unnecessary expenses. Not paying your rent and bills on time may also affect your credit score.

Having such a personal conversation with your landlord may feel scary and a little embarrassing but there are many students in the same situation as you, and most likely your landlord has had this conversation with many others before. It’s also good to remember that the landlord makes a living off your rent money, so they are more inclined to help you make the payment as this will benefit them too.

Depending on your uni schedule and the amount of outside studying you will need to do, a part time job could be beneficial to help you have those extra pennies, either towards your rent, or towards other activities so you’re not spending your rent money. However, not all students are able to fit in a part time job around their studies, and if you are one of them, that’s okay! Not being able to study and work is not a bad thing, it just means your schedule is different to others.

If you are not able to get a part time job for whatever reason, then it’s time to budget! Monitoring your incoming and outgoing money is a great way to save. There are also budget planning tools that you can use online or download them onto your phone. This can help you visualise what you are spending your money on, and where you can cut back. Organising your finances efficiently will really help you out in the long run, and you may even end up with extra money towards the end of the year! 

Don’t forget to take advantage of the many student discounts available to you - this will save you a tonne of money, especially if you are a shop-a-holic!

Paying for your uni accommodation can seem scary at first, but when you are able to break it down and see all the options and financial help that may be available to you, it will start to become clearer. 

Here at UniHomes, we make things even better by giving you properties with all bills included, so you know that the price you are seeing is the price you will be paying with no extra hidden costs! Take a look at the vast amount of amazing properties we have to offer!