Your Ultimate Guide to Student Finance and Budgeting in London

If you have chosen London as your study-abroad destination, you have selected one of the world’s most diverse and fun cities. The city has excellent universities, a rich cultural history, and a thriving student life. It is not a surprise that thousands of students choose to study in London.

But, knowing how expensive it is to stay and study in London, it is not always possible for all aspiring students to follow their dreams. If you are a student wondering how you will budget well in London, this blog is for you. This blog covers it all, whether it’s applying for loans, managing daily expenses, or understanding living costs. So, let’s begin!

Understanding Student Finance in London

Students belonging to the UK or eligible EU students can apply for financial support. They can do so by contacting the UK Government, which will further help the students with student finance in London. This way, they can cover your tuition and living costs.

So, how much student finance do you get in London? The answer is that eligible undergraduate students can receive up to £13,022 per year. (This is a maintenance loan, depending on household income.)

Additionally, the tuition fees of eligible students are covered separately through a loan of up to £9,250. To learn more or apply for a loan, visit the official website of Student Finance and enter your Student Finance login to track your application. Remember, the earlier you use it, the fewer problems you will have.

Monthly Cost of Living for Students in London

Although your student finance will cover most of your major expenses, it is still essential to budget smarter. Below is a table that shows the average spending of a student in London. However, please note that in the end, the expenses depend on how the student chooses to live. Whether they decide to cook their meal or eat in fancy restaurants, whether they choose Uber or Bus for traveling, and so on

Expense Type	Average Monthly Cost (GBP)
Rent (En-suite/Studio)	£800 – £1,500
Groceries	£150 – £250
Transport (Oyster/Travelcard)	£80 – £150
Mobile & Internet	£30 – £50
Eating Out	£50 – £100
Study Materials	£20 – £40
Entertainment & Leisure	£50 – £120
Miscellaneous	£30 – £50
Total (approx.)	£1,210 – £2,260/month

Student Finance Accommodation in London

Student accommodation is a significant cost of studying and living in a city like London. Being a popular student city, hundreds and thousands of student housing options are available. Whether you are looking for an ensuite, studio room, student apartment, or private apartment. Students on a budget usually choose Purpose-Built Student Accommodation since they provide students with Wi-Fi, utilities, and other services at an affordable price.

If you have taken a loan, the first step is to calculate whether your student finance will cover the student accommodation in London that you want. Several authentic and reliable accommodation providers offer students a comfortable, affordable, exciting stay near universities. One such platform is University Living, which has various verified properties and flexible payment plans. So, choose wisely; having the right student finance accommodation in London is the best way to save money.

Tips to Maximise Your Student Finance

There are multiple techniques that students can apply to save money in London. Read them below and use them immediately!

• Apply Early: It is essential to apply for your student finance application as soon as it opens. Any delay can lead to delayed payments.
• Track Expenses: Always monitor your expenses every day or every week.
• Cook your Meals: One of the best ways to save a good amount of money daily is by cooking your meals instead of eating out at restaurants.
• Public Transport: If you have long commutes, use public transport instead of taxis. Also, get a Student Oyster Card made and travel at 30% less rates.
• Student Discounts: Several platforms offer great discounts and deals on tech, fashion, food, and more. These include Monzo or Emma.

Conclusion

Studying in a city like London is truly an unforgettable experience. But, to truly enjoy it every day, students must be financially prepared. Just because you are a little tight on budget does not mean you must sit at home alone and not enjoy. Follow the tips and tricks given above and get started on your student life in London. All the best!