Jargon Buster & Facts
What a lot of terms you have to learn! Shall we explain what they all mean? Shall we? Okay, we shall
Student loan for tuition fees
Sadly, you can't just rock up to university and start a-studyin' - you have to pay each year towards the cost of your course. However, a loan for tuition fees will cover this, and you don't have to pay it back until you have left uni and are earning at least £15k - and then it works out about a fiver a week. Affordable!
Student loan for living costs
It's not all tuition, tuition, tuition - you have to live too, and eat, and live somewhere, and pay bills. That's what this loan is for and as with the tuition fee loan, you only start paying it back when you're earning that magical £15k.
Maintenance grant
It's called a 'grant' because it's granted to you - you never have to pay it back. Ever! Two-thirds of all new full-time students are expected to get one of these. It's for rent, books and travel, but you can spend a little bit of it on beer, we won't tell anyone.
Bursaries
Bursaries are your friend. They're an additional bit of financial help provided by your chosen university or college, entirely non-repayable. Free money! So for goodness' sake be sure to check out what's on offer.
Scholarship
Similar to a bursary, but based on factors such as where you live, what you studied and what grades you got. You may be eligible, you may be not, but the only way to find out is to ask, innit?
Deposit
When you first move into rented accommodation, the landlord will very sweetly ask you for an extra months rent so that, when you move out, he can deduct for any damage you may have caused. So swinging on the chandeliers is not a good idea. Not that you'll have chandeliers. We're just saying.
Overdraft
A magical way to get extra money. When you open a bank account, they will almost certainly tell you that you are allowed to go 'overdrawn' - to take out more money than you actually have in the account up to an agreed limit. And they might not charge interest, bless 'em! Just be careful though.
Lectures
This are an important part of your course and you should at least make the effort to turn up, after all you are contributing to the cost!
A budget
You may have heard your parents talk about these. All it really means is a process of monitoring your expenditure, your incomings and outgoings, so that you don't find yourself with 17p to last you the final six days of the term.
Bills
Bills are pieces of paper sent to you by companies that provide you with things like gas and electricity. They will have numbers on them which, unfortunately, usually represent the amount that you have to pay the sender for the aforementioned services. Bills suck.
Freshers' week
A period, usually 5-7 days in length, in which the entire university will do everything it can to ensure that you are having a nice time when you arrive, get you mixing with other students and confirm that you made the right choice when you decided to go there. Not, traditionally, a time for solitude and sober reflection.
Mum and Dad
These are the people who brought you up. Their prime role now is to send you a blank cheque periodically and put you up during the holidays.
Unfortunately they fuss and will probably press the panic button if you don't text or ring once a week. And how embarrassing would it be to have the police or social services or someone turn up and check you are OK???
