Money

Budgeting

Need help with creating a budget? Our PANDA budgeting tool is free for University of Sunderland students. PANDA allows you to enter your expected income and outgoings over a term and calculate how much money you will have left, which can then be shown as a daily, weekly or monthly amount. PANDA budgeting tool | The University of Sunderland 

We have come up with some great budgeting ideas - here are some handy tips to help you manage your money and budget for the academic year, including how to plan your spending, check your budget, keep impulse spending down, look for ways to save money and more.  Keeping track | The University of Sunderland 

Money Saving Expert has put together a student budgeting planner with tools and tips to get your budget in order, check out their 9 Top Tips including lots of useful links for budgeting. 

Unexpected costs

Sometimes we have unexpected costs that make us go over our budget. Making sure you have the right bank account can really help. Some bank accounts offer 0% interest rates on overdraft facilities and offer great incentives to new customers. This may include free rail cards, Just Eat, or other student-friendly options. You could do a comparison check on Money Saving Expert, make sure to always read the terms and conditions first.

Credit & Debt

When you apply for a loan or other type of credit, such as a credit card, the lender has to decide whether or not to lend to you. Creditors use different methods to help them decide if you are a good risk. Citizens Advice have some great information on this process, and what you can do to ensure you're making an informed decision when considering credit options.

If you are struggling with debt and you are looking for general debt advice or advice on debt solutions, such as bankruptcy, individual voluntary arrangements, debt management plans or debt relief orders, you can get advice on this from Citizens Advice. 

Gambling

Gambling can have a huge impact on your finances, especially as a student with a lower income. If you are impacted by gambling it is best to seek help as soon as possible. You could start by reaching out to GamCare who can offer you support.

International tuition fees

The University has a five-instalment plan for EU and international fee-paying students. This flexible approach to fee payment allows you to manage the payment of your fees over a longer period. Eligible students will be notified as part of the enrolment process. 

Depending on where you are from, there may be different requirements for the initial deposit and fee payment before enrolment. It is important that you are aware of your payment dates and factor this into your budget.  

If you are worried that you cannot pay it is important that you speak to us as soon as possible. The earlier you raise any concerns, the easier it will be to support you. 

creditcontrol@sunderland.ac.uk  

For more information access our international instalment webpages, which also includes useful contacts if you have any questions. 

Student Finance and your maintenance loan

If you have any problems with your student finance application the Student Financial Guidance team can help you. If you find that you are struggling and you would like us to speak to Student Finance England, you can provide consent to share to give us permission to speak to on your behalf. 

The Maintenance Loan will help you with your living costs while you study. This may cover things like your food, bills, travel costs and accommodation. It is split into three instalments each year and is paid into your bank account. You can apply for a maintenance loan via the student finance webpage. Scottish students should visit www.saas.gov.uk for details of their Bursary scheme, as this uses different income scales. Welsh students should visit www.studentfinancewales.co.uk. Northern Irish students should visit www.studentfinanceni.co.uk.  

Student Support Fund and emergency loans

The Student Support Fund has been created to help support students experiencing financial hardship. This may be due to an unexpected cost which you have not budgeted for. Any funding awarded cannot be used for tuition fee payments. If you are struggling with financial hardship, you could consider applying to the University’s Student Support Fund. Get in touch for more information.

The University also has an emergency loan provision. Loans are available to UK students if there has been a delay in payment of Student Finance funding. The loan is designed to help alleviate day-to-day living costs such as food and travel.