Starting university in a different country can make you feel excited and anxious at the same time. Making sure your finances are in order before joining Hallam will allow you to enjoy your university experience and succeed in your studies.
Before you arrive
As an international student, you must have the necessary funding in place to cover both your tuition fees and living costs for the duration of your course. The minimum amount required is outlined in the UKVI visa guidance. However, you may need more depending on your lifestyle. It is important to think about how you are going to cover your costs while you are at university before you arrive as it may be difficult to arrange financial support once you have left your home country.
Paying your tuition fees
If you are a full-time taught student, you are required to pay a deposit to secure your place on the course. Please familiarise yourself with the suggested payment methods to ensure that your payment arrives safely, and you do not incur any unexpected charges.
If you are considering supplementing your funding with a scholarship or award, check eligibility criteria and application deadlines early on. Scholarships are competitive and numbers are limited.
During your studies
Opening a UK bank account will help you avoid international transaction charges and make it easier to manage your expenses. You may find UKSICA’s guidance on opening a bank account useful. As an international student, you will most likely only be allowed to open a basic bank account with no overdraft. However, monthly account charges and available benefits vary in different banks. It is worth checking the comparison of available accounts on MoneyHelper.
Working in the UK
Working during your studies can be a great way to earn extra income and can add valuable experience to your CV. However, there few things to consider when looking for job opportunities
- It may take you several months to find and secure a suitable job, so it’s important to think about how you are going to support yourself without any extra income
- There are certain restrictions on the amount and type of work you can do in the UK while studying. The International Experience team is here to help you understand immigration rules and the Careers and Employability team provides support and advice with job hunting
Living costs and budgeting
You may find this student budget calculator helpful in estimating the cost of living in Sheffield. We recommend that you try to calculate how much you might spend whilst in the UK before arriving. You can find a practical guide for financial planning and money management tips on the budgeting and making your money go further pages.
Conditions on your student visa will not allow you to claim most state benefits. Therefore, it is important to ensure that you will have sufficient funds to support yourself and/or your family during your studies without claiming benefits. Detailed guidance on welfare benefits can be found on UKCISA.
Suggested Blackbullion learning
Blackbullion is an online learning platform that you can access for free with your Hallam email address and improve your money skills through pathways, articles, and tools. We recommend that you complete the below pathways/articles to help you financially prepare for your life in the UK:
- International students - to help you ease into life in the UK, with advice on banking and budgeting
- Opening a UK bank account and checklist - what you’ll need to know and think about when opening a UK bank account
- Budgeting 101 - learn how to create a budget and stick to it
- Top 10 money tips - learn how to create good budgeting habits and break bad spending habits
- Starting university for EU students - increase your understanding of the funding process for EU students studying at a university in the UK