Preparing your Finances

As you start as a student it is important to ensure that you are ready financially. Graduate students at Oxford are required to provide proof of their funding before arrival and so should have the funding they need. However, graduates and undergraduates alike can run into difficulties if they are not organised, so it's a good idea to check your finances carefully.

Preparing your finances (Undergraduate)

It is important to ensure that you take all the necessary steps before the start of the academic year in order to secure funding for your studies. Applying for financial aid requires time and attention. You may also need to ask your parents/guardians for information. Be sure to start this task in good time, and that way you will not be trying to complete forms when you start in Michaelmas. It will also ensure that you have the funds you need.

All funding can be split into two groups: grants and loans. Grants are sources of free money that do not have to be repaid. There are many kinds of grants available from bursaries to hardship grants. Loans must be repaid at some point, and commercial loans usually have very high interest rates, making them unsuitable for most students. Many banks offer an interest free overdraft, and this is, in a way, another form of a loan. There may not be interest to pay, but eventually any overdraft you use will have to be repaid.

Home (UK) students and EU students

The Student Loan is a controlled, sensible loan for students, and the repayments are related to income after you finish studying. The amount of loan you are entitled to depends on your carers' income. Your carers are usually your parents. If your parents are separated or divorced, or you have lost contact with one of your parents then your carers are the parent you are living with, and their partner (if they have one.) If you do not live with your parents but do have other guardians then they are your carers. If you support yourself, or live with a partner then you and your partner are the carers.

In order to apply for the loan you must complete a form. Home students should contact their Local Education Authority (LEA) and ask for a PR1 (or a PN1 if you are a new student.) EU students should contact the Department for Education and Skills (DfES) and ask for an EU4F form. Contact details are below.

Each form is accompanied by notes and details about what documents you need to enclose (if any) and were to send the completed form. They will also provide helplines if you need assistance.

The Student Loan is income assessed. This means that you can choose the basic loan (anyone who is entitled to a Student Loan is entitled to this loan) or the means-tested loan (your entitlement depends on your carers' income.)

If your carers earn less than £42,500 per year then it is recommended that you apply for the means-tested loan. This will involve more paperwork, but will there will be more money available to you if you choose to use it. You will be told how much you are entitled to borrow, and you do not have to borrow all of it. Even if you do not need a Student Loan it might be worth taking as much as you can and placing it in a high interest bank account to accumulate more money. The first installment of your loan will be paid by cheque, so make sure you give it enough time to clear before you start paying out. All other payments will be transferred directly to your account. The Student Loan Company will send you information every now and then telling you how much money has been paid in and when.

When you arrive your college should tell you the procedure for sorting out loan payments and fees. Your first priority should be to settle any rent bills and any other costs that need to be paid. You will need your LEA Assessment form (or Assessment form from the DfES if you are an EU student) and a cheque to cover your expenses and fees. Take these to your college office and follow their advice about how to settle these payments.

In the first instance let your college office know that there is a problem. If you have some simple questions about what to do ask your college office for help. If you need a replacement Assessment form contact your LEA (or DfES for EU students) but be aware that this can take a few days. If your loan payment is late then let the college office know, as the college may place restrictions for students who have not paid their battels bills; many colleges will make allowances for late loan payments. Many questions about the loan and tuition fees can be answered by phoning your LEA, the DfES or the Student Loan Company. If your college can't help, or refuses to help then contact the Student Advice Service for support.

International students

If you are a non-EU overseas student you will need to make sure that you have all the money you need for your time at Oxford. This includes all accommodation, living and transport costs, and any fees you will have to pay such as the University fee, the College fee and any departmental fees. If you have children or other dependents you must be able to support them through your time in Oxford.

Contact the Student Advice Service if you need advice about what you will have to pay, how much it costs to live in Oxford, and whether there is support available for hardship.

Student bank accounts

Most banks will offer special accounts for students, with incentives such as free railcards or
vouchers which can be used in shops.  When opening an account, ask banks what they can
offer for students, and look around until you find a bank account which suits you best.  Ideally
a student bank account should have at least an interest free overdraft, just in case.  You will also need a cheque book so that you can write cheques to cover expenses such as battels bills.

More information