{"id":1586,"date":"2024-07-01T11:33:25","date_gmt":"2024-07-01T10:33:25","guid":{"rendered":"https:\/\/www.redstareducation.co.uk\/blog\/?p=1586"},"modified":"2024-07-01T11:33:25","modified_gmt":"2024-07-01T10:33:25","slug":"managing-your-student-loan","status":"publish","type":"post","link":"https:\/\/www.redstareducation.co.uk\/blog\/managing-your-student-loan\/","title":{"rendered":"Managing Your Student Loan"},"content":{"rendered":"

With the new academic year right around the corner, we thought it best to discuss managing your student loan!<\/p>\n

Don\u2019t Blow it All at Once<\/h2>\n

Many students make the mistake of blowing all of their maintenance loan in the first month or so of university, leaving them with nothing except their overdraft until the next instalment.<\/p>\n

Your student loan needs to be managed responsibly and with care; it will only be given to you three times a year, so you need to make it stretch.<\/p>\n

Budget From the Get-Go!<\/h2>\n

The quicker budgeting becomes a habit, the easier it will be to maintain. Work out exactly how much money you are going to have coming in from your maintenance loan and when this is.<\/p>\n

\u00a0Your maintenance loan doesn\u2019t get paid to you in equal monthly parts like a salary. Instead, the annual amount is split into three chunks (which may be different amounts each time). You can expect your first instalment at the end of September or beginning of October, then a second instalment around January, and a third in April.<\/p>\n

\u00a0You can find out the dates of this from your online student finance account<\/a>.<\/p>\n

You may also get additional help from your parents or guardian, or income from part-time work, so make sure you add this into your budget too. You should make sure you include all of your outgoings in your budget. Costs may include:<\/p>\n