Student finance help?

student19_2

I am a undergraduate going to university in september 2012. I am loaning the tuition fees (£8, 500) and part of my living costs (part is a grant.) After applying for this a family member has offered to give me £5, 000 to help with my studies. Do I have to declare this to student finance? Also, is it better to take this off what I'm borrowing, or use it as extra cash as my money for living expenses isn't that good? Help needed

[Deleted User]

wont you qualify for a bursary as well?
maybe if a relative has £5000 to offer it would be better if they gave you £130 a month for 3 years that would help you budget better

sharp910sh

Keep the money and the student loan, the interest rate is very low! you dont have to declare it. how will they know.

pauletruth

keep the 5k. you will need it. if it helps you aviod a student overdraft that would be very good.

bouncydog1

When you go to set up your student bank account, see if there is one that offers enhanced interest if you leave up to x in the account. HSBC did one last year.

I would suggest that you keep a little of the money on easy access in case you need it for additional costs like books etc. but set yourself up a budget and really stick to it.

Make sure you sign up for all of the student offers/discounts on the various sites - get a railcard etc.

If you're careful you should be able to come out of Uni without any debt other than your loan. However the £5k will be a big temptation to match some of the other's way of living when you get there, so best lock away.

You should find a budget for living expenses on the Uni site and they're usually quite generous!