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. There are two types of Student Loans available, you can take out either or both. The first is a Loan to cover your tuition fees, called the 'Student Loan for Tuition Fees'. The second is for helping to cover the cost of accommodation and living expenses and is call the 'Student Loan for Maintenance'. The Loan for tuition fees, depending upon when you applied, should cover the entire amount of your tuition fees, up to £3,145 if your course starts in 2008/2009. The amount of loan you are entitled to for maintenance 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.You are entitled to 75% of the maximum amount that applies to you before income assessment. The final 25% is based upon income assessment.

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.  You can also apply online for both loans and grants here.

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.

Information on the income assessment process can be found here

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