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Money management for students through coronavirus

At the moment, keeping on top of your finances may feel a little challenging. But, there are some things you can do that may be able to do to help.

Review your current budget

If there’s been a change in your incoming money, it can be useful to relook at your outgoings and work out a new budget. You should still receive your student loan as planned from the Student Loans Company and should still be able to get finance if needed for the next academic year.1

If you want to cut back on other outgoings, you may want to look into subscriptions and services that can be cancelled or paused for the time being – especially those which you’re not able to use. There are other areas you may be able to cut back as well, such as your food shop.

Explore more: How to build an emergency budget

Speak to your accommodation provider

Speak to your university, or landlord, if you’re struggling to cover your accommodation costs. Some universities have waived accommodation costs so it’s worth asking if this applies to you. If you’re renting a student property, you could speak with your landlord and explain your financial situation to see if there’s any sort of agreement you can reach.

You’ll still need to pay rent and accommodation costs if the costs haven’t been waived. Even if you’ve recently moved home to be with your family, you’ll still need to pay rent until your contract ends. 

Check if you’re entitled to sick pay

If you’ve got a part-time job you can do at home, but you’ve been taken ill due to coronavirus, you may be eligible for sick pay. You’ll need to earn at least £120 a week to receive £95.85 a week in statutory sick pay.2

There have also been measures put in place by the Government for employed and self-employed workers. These could be worth looking into.

See if you can get refunds 

If you’ve bought festival tickets, gig tickets or tickets for any other event that may have been cancelled, you may be able to get a refund. Not all festivals or events have been cancelled, but it’s worth checking to see if you can get your money back.

For any travel plans, contact airline and accommodation providers to see what options are available. You may be able to get a refund or a travel voucher. It’s also a good idea to check if your travel insurance will cover you for non-refundable costs.

Explore more: What can you claim under Section 75 of the Consumer Credit Act?

Ask for help

If you’re struggling to make your student loan reach to the next instalment, speak to your university support services. They may be able to help you.

Some student unions have set up food banks to help students who are unable to afford food, so it’s worth checking if your uni has something like this.

Measures have also been put in place by the Government and energy suppliers for those on pre-payment meters and those who may be in financial distress. If you won’t be able to top-up your pre-payment meter, or you’re struggling to make any debt repayments, speak with your energy supplier about how they can help.  

What next?

You can find more information to help you manage your money on our coronavirus hub

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