Merryn Talks Money How University Students Should Approach Their Finances
Sep 10, 2025
Marc Shoffman, an award-winning journalist known for his insights in The Times and Money Week, shares valuable financial wisdom for university students facing the daunting transition to independent living. He offers smart budgeting strategies, emphasizing the need for an emergency fund and informed spending choices. The conversation explores various banking options that cater to students, highlighting benefits like cashback and discounts. Marc also discusses the importance of healthy financial habits to navigate loans and expenses effectively throughout their academic journey.
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Use The Tuition Loan To Cover Fees
- Apply for a tuition fee loan to cover university course costs because it is paid directly to the university.
- Remember you don't touch this loan but you will owe it back later when you earn enough.
Budget Using The Maintenance Loan Limits
- Apply for a maintenance loan to cover living costs but expect it to be means tested on household income.
- Check different maxima: home, away outside London, and London to plan your budget.
Means Test Assumes Parental Support
- Maintenance loans start to reduce once household income exceeds £25,000 and drop significantly at higher thresholds.
- This system assumes parental support and can mismatch students who are independent from their parents.