By Term two, it’s easy to feel like your finances are already set for the rest of the year. Your student finance is in place, you’ve got used to your routine, and you’ve probably worked out what your usual costs look like.

But things change. Your circumstances may be different from when you started university, your costs may not have been what you expected, and there may be support available that you haven’t considered.

A mid-year funding check gives you the chance to review your situation, make sure everything is still accurate, and check that you’re accessing the support available to you. 

1. Check your current year funding still matches your circumstances

Student finance is based on information you provided when you applied, but your circumstances may have changed since then. Even changes that seem small can affect the support available to you.

Look out for changes in:

• Household income: If your household income has significantly changed since your assessment, you may be able to request a reassessment based on your current circumstances.
• Accommodation type: If you were assessed by Student Finance as living at home and you’ve then moved into student accommodation, you may be able to access more maintenance loan.
• Personal circumstances: For example, if you become a parent or decide to interrupt or withdraw from your studies.

Keeping your details up to date helps make sure your funding reflects your current situation. It can also help you avoid receiving too much or too little funding.

Try this: Log in to your student finance account and check your details are up to date.

2. Check your eligibility for university bursaries

The University offers bursaries for students in a range of specific circumstances. If you meet the eligibility criteria, these awards can provide additional financial support during your studies and don't need to be repaid.

You may be eligible if you are:

• Care experienced
• Estranged
• A carer
• A member of the Gypsy, Roma, Traveller, Showman or Boater community

These bursaries are intended to complement your maintenance loan and can help with some of the additional costs you may face during your studies.

Try this: Visit the Money Hub and take a few minutes to check whether you're eligible for one of the University's bursaries.

3. Meet with a Money Adviser

Many students think about getting money advice only when they are facing a problem. However, speaking to someone earlier can help you understand your options and plan ahead.

A Money Adviser can help you to:

• Understand where your money is going and review your budget
• Explore the funding, bursaries and support available to you
• Plan for changes in your finances or upcoming costs
• Feel more confident about managing your money

A short appointment can help you better understand your situation, explore your options, and work out what support may be available.

Try this: Contact the Student Services Helpdesk to book an appointment with a Money Adviser.

4. Don’t forget to reapply for student finance

If you’re continuing your studies next academic year, you’ll need to apply for student finance again. It’s easy to forget when you’re focused on completing the current year, but making your application on time helps make sure your funding is ready for the next stage of your studies.

You’ll need to:

• Reapply for your tuition fee and maintenance loan
• Check your personal details are still correct
• Update any changes in your circumstances
• Check whether you’ve become eligible for any additional support linked to your circumstances, such as DSA, Childcare Grant, or Parents Learning Allowance.

Leaving your application until later could delay your funding, so it’s worth doing as soon as you can.

Try this: Add a reminder to your calendar to complete your Student Finance application when applications open. This is usually late-March.

5. Plan ahead for term 3 and summer

The second half of the academic year often comes with costs that can be easy to overlook. Planning ahead means these expenses are less likely to become unexpected problems later.

You might also need to think about how you’ll manage financially if your income changes over summer, especially if you won’t be working or receiving student finance.

You might want to prepare for:

• Accommodation deposits
• Travel home
• Course materials
• Summer living costs
• Graduation expenses

You don’t need to have the full amount saved immediately. Knowing what is coming gives you time to prepare and make small adjustments.

Try this: Write down one larger cost coming later this year and think about how you could start preparing for it.

A mid-year funding check is a chance to make sure you’re accessing all the funding available to you. You may already be receiving everything you’re entitled to, which is great, but if there’s support you haven’t considered or weren’t aware of, it could make a real difference to your budget.

Next step: Spend ten minutes this week checking your funding, support options, or upcoming costs.