Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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Students: Where to Get Money from

Tight Times?

Depsite the "common knowledge" that students go out every single night, get drunk and party. This is not the reality, what so ever. Of course students have fun, of course they go out, of course some enjoy the off drink, but doesn't everyone, especially when faced with a mountain of work. It's a way of relaxing, it's a way of getting away from the stressful workload we're all faced with. However, this doesn't equate to student's having a major amount of spare cash, and that's even more the case with university costing people so much in our current age and Government.

So where can you turn to get extra cash to fund your transit through higher education, in both the sense of paying off your fees, your loans and scraping enouhg money together to enjoy your education rather than being placed into a world of chore, pot noodle and never ending work.

Student Money Idea 101

As the graphic on our page shows, there are a multitude of ways to gain extra money. Some of these are more pleasing than others. Some require significant time or input and others yield money now but require pay back later to one end or another. It realy depends on your situation as to which one is right for you and which one could suit your friends better.

Part Time Job

For those with extra time on their hands, then getting a part time job can be an excellent idea. If you're awake in your spare time, why not use that time to generate cash rather than sitting, or even worse, spending? If you can get a job in a local bar, retail outlet or even better, a side job which feeds directly into what you're studying on your course, then that's a clear bonus. Of course, it's not always easy to obtain a job, especially when you're in a student rich population with other's battling for the same openings. But if you don't try, you don't know. Give it a bash.

Student Overdraft

Now, it's important to try and only use an overdraft for emergency use. Otherwise you can get into a situation where your overdraft limit, becomes your new zero. Of course, this is easier said than done and if you have an overdraft, unless you're extremely god like with your money, you're likely to spend it. Just be mindful what you're spending your money on, especially when you're in this negative area. Being frivolous could equate to grief further down the line.

Student Services

Your University should have student services on hand who can assist you with financial matters. Whether this is help in deciding which financial route is best. Getting emergency money or even assistance with getting a loan. This could and should probably be your first port of call if you're looking to raise some cash to buy student essentials or just to get you through the week.

Student Loan

These are more mandatory now than ever before, and a lot of the time students need to use them to cover their course expenses rather than their general day to day living. This isn't really what the loans are for, but then when needs must. The good thing about student loans is that you don't have to start repaying them until you earn a certain amount of money each year. The bad thing is that this threashold isn't as high as it could or indeed should be. So you end up taking a sizable chunk out of your monthly pay, just to finance getting into your job in the first place. If you don't immediately end up in a job which warrants your increased level of education than this can be more of a chore than it should be.

Additional Loans

You can also turn to private companies if you're looking for extended cash, but be wary not to get to deep into this. It might be ok to get a payday loan to cover some short term expenses if you are sure you can pay it back, but don't use it as a standard form of cash. In recent times payday loans are over 3 months, so you get longer to repay your debt. It might be worth taking one out only every 6 months or so if you can avoid it.

Online Services

There are many online services which can generate cash for you, such as PeoplePerHour.com... this is a marketplace for work, and you can rock up, see what you can do and make a bid. If you're accepted the the work will come your way and you'll get paid for it at the end. It's not employment as such as you're workingn freelance, but as it is self employed payment, you may have to delcare your tax at the end of the tax year, so bear this in mind. You probably don't want to be falling back onto a loan to cover it when the year is out!

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