Why might I need additional sources of funding?
Most undergraduate students will be eligible for some financial help for living costs from the UK government system of funding, known as Student Finance. The amount you get will usually depend on your individual circumstances such as your household income or whether you have any dependants. Student Finance England (SFE) will also look at whether you have any previous study prior to coming to Queen Mary which might affect the number of years you can get full Student Finance for. The Advice and Counselling Service advice guide ‘Resitting, Interrupting, Leaving your course’ explains more about previous study.
Even if you are getting maximum Student Finance, depending on your lifestyle, you might find this won’t be enough to cover your living expenses. London can be an expensive city, particularly in terms of rent and travel and once you have paid for these, the amount you have left for food and other essentials might be less than you had expected. Also, your Student Finance is paid in three instalments in September, January and April rather than monthly, so it can sometimes be difficult to resist the temptation not to overspend in the first few weeks after the funds have been paid into your account.
Running out of money can be stressful, especially when you’re trying to meet a coursework deadline or revise for exams. This is why we suggest planning a budget over a 9 month or 12 month period, depending on whether you will be staying in London and needing to pay rent over summer or moving back home perhaps with no rent to pay. If you know in advance if, and when, you are likely to have a shortfall (the difference between your income and costs) and how much this will be, you can consider the additional sources of funding we outline in the rest of this advice guide for increasing your income and/or reducing your spending.
You can create your own budget by personalising the pre-populated or the blank spreadsheet on the budgeting pages of the Advice and Counselling Service website, or search online for a student budgeting app - there is a huge choice. Although it’s preferable to plan a budget at the start of the academic year, doing one at any time can still help you manage your finances.
Depending on your individual circumstances, you may not be eligible for or want to apply for all the additional sources of funding we mention, so please read each section carefully to help you decide on your options. You are also welcome to contact a Welfare Adviser at any time if you need more advice about additional sources of funding or managing your money.
Law, regulations and policies can change quickly. The information on our website is given in good faith and has been carefully checked but QMUL cannot accept responsibility for any errors or omissions. QMUL is not responsible for the content or reliability of the linked websites which are provided for further information.