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University of the West of Scotland


Funding and Advice Service

Money Doctors


Money Doctors is a concept adopted by Funding and Advice to help students better manage their money. There are three main strands to what this involves:

  • ensuring you are informed about all the available funding and employment opportunities, enabling you to maximise your income
  • providing you with the skills you need to manage your finances, enabling you to use your money effectively and concentrate on your studies
  • educating you on the sources of help available so you know where to go when things get tough

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BenefitS FOR STUDENTS

Council tax

Full time students should be exempt from paying council tax. Exemption forms should be collected from your local Council and completed by Student Administration.

Students moving form one course to another, or transferring institution may become liable for Council tax over the long summer holiday, even if that course is a progression.

The Council Tax Exemption is a little trickier if there are other non student occupiers of your property. The Council Tax bill in this instance will become the responsibility of the non students as students are considered "invisible". If a student only shares with 1 non student, then that student becomes the only person liable and can claim the Single Occupancy Discount by contacting the Council.

Properties that are occupied solely by students are exempt from council tax, for example student halls of residences.

Tenants in properties that are occupied on different leases e.g. bed sits, are not liable for the Council tax. Even although the landlord may not be resident, they are liable. The landlord is within their rights to increase the rent accordingly.

Part-time students and students who own the property in which they live may still become liable for the Council tax.

 

tax credits

There are 2 types of Tax Credits:

  • Working Tax Credits (this can include a childcare element)
  • Child Tax Credits
Students can claim Child Tax Credit if they:

  • Are a lone parent with one or more children
  • Are part of a couple and have one or more children
  • Are responsible for at least one child who is "normally living with" the claimant
  • Have children who are under 16, or under 19 and in full-time non-advanced education
  • Are not subject to immigration control.
Students can claim Working Tax Credit if they:

  • Are 16 or over, have children and are working at least 16 hours a week
  • Are 16 or over , have a disability and are working at least 16 hours a week
  • Are over 25 and working 30 hours a week
  • Are 50 or over, have been claiming Income Support, Job Seekers Allowance or Incapacity Benefit for at least 6 months, and are now working more than 16 hours a week
  • Are not subject to immigration control.

Housing Benefit

Housing benefit is not normally available to full time students unless you are either:

  • A lone parent
  • A disabled student qualifying for the Disabled Students Allowance
  • Students responsible for a foster child
  • Students aged 60 or over

Contact your local council and apply for your housing benefit, the local authority will means test you in the same manner as any other applicant, which means they will need to see your letter of award, student loan agreement and any Child Tax Credit you may be receiving.

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Childcare
Sourcing Childcare

Many organisations offer help and support in finding childcare that suits your circumstances. The web site below provides information on many of the organisations that we find helpful, and hope you do too:

http://www.scottishchildcare.gov.uk/

 

PAYING FOR CHILDCARE

Financial support for childcare may be available from:

  • SAAS
  • Childcare Funds
  • Working Tax Credits

Find out if you're eligible to apply to the childcare funds. If so, Advisers will assess you for any childcare costs above any other childcare funding you may have from the above sources.

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Discounts

Many retailers offer discounts to students as a way of enticing you to spend your money in their establishment. Some discounts simply require you to show your student ID card but many are negotiated nationally by the National Union of Students (NUS) who sell the NUS Extra Card. This card includes a wide range of discounts on food, books, computer equipment, and much more.

Saving money when possible is an excellent way to budget and make your money go further.

BUDGETING

Student life isn't any different than the 'real' world. You have a set amount of money coming in, and that's what you've got to spend and budgeting is key to keeping debt to a minimum. Spend more than you've got, and you'll build up more debts, and paying them back will become a problem.

There are a number of basic steps to take in order to make budgeting easier:

  • Pick the best bank account
  • Shop around: Do your research before you buy. It's easy to assume mobile phones, supermarkets, gym membership, TVs, gas & electricity bills, car and home insurance and other prices don't vary too much – but they do.
  • Budget: Everyone needs to budget but it's more important to do this when your income is low. Doing this keeps you in control of your expenditure and ensures you're not left without cash. For many students, enjoying life as much as possible is an important part of the student experience. There's nothing wrong with spending money on entertainment but you need to budget for it, like everything else in life. Plan when you're going out and when you're staying in, no-one can afford (financially or physically) to party every night, so don't feel pressured into doing it.
  • Don't get the ‘spend it before it goes' bug: When the loan arrives, it's tempting to splurge but remember, this needs to last all month. Everyone loves to splurge but the time to do it is at the end of term, when you've carefully managed your money and know you've got some spare, not the beginning, leaving you short and struggling to pay bills, which is only the beginning of a downward spiral...
  • Get a job: While studying is a priority, it's become commonly accepted now that many students will work to get by. So if you don't have enough cash, don't over borrow, try to find a job instead.