How to afford student accommodation

The job of finding a place to live that while you’re at Uni, somewhere both comfortable and affordable, can be a big challenge for students. However, with careful planning, research and a little help from your friends at Abodus, it is possible to find student accommodation that fits both your needs and your budget. This blog is a guide to understanding student housing costs and how to finance your living arrangements at University.

How much is student accommodation?

Student accommodation costs vary widely, massively dependent on factors like the city you’re staying in, the type of accommodation, the amenities available and your length of contract.

Private halls

Private halls are purpose-built for student living, so there’ll often be on-site facilities like laundry rooms, gyms, and study spaces and your bills will usually be all-inclusive. Shops will be nearby and as a general rule, you’ll have most things you need on your doorstep.

However, because of how convenient private halls are, they tend to be slightly more expensive, with weekly bills anywhere from £150 up to £450.

Renting

Renting a flat or a house is the most independent option and can give you a bit more flexibility, but there won’t be all-inclusive bills; so, you’ll be in charge of household costs, utilities and the rest with your rent on top. Again, renting costs vary depending on your city and the size of the property – anywhere from £100 up to £300.

Shared housing

Shared housing is a popular choice for students because it allows you to cut costs and socialise. The average rent for a shared room in the UK is around £125. The downside to shared housing is that you’ll probably have to share a bathroom and there’s no guarantee you’ll be able to live with who you want, especially as a first year.

Halls of residence

Halls of residence, or halls, are university-owned properties that will typically be quite central. Like private halls, they’ll offer support services and put on social events. However, halls of residence rooms will tend to be quite small and you won’t be able to choose who you live with.
As such, halls will be a bit cheaper, usually somewhere from £100-200 a week.

How do I pay for uni accommodation?

If this all seems a bit scary so far, or you think you can’t afford student accommodation; fear not and carry on reading!
There are lots of different ways to pay for your student accommodation, which we’ll go through below.

Student loans

Your student loan can cover a portion of your accommodation costs alongside your tuition fees and living expenses. The amount that will be available to you is dependent on your household income and university location. For example, if you’re in London where the cost of living is much higher than in other parts of the UK, more money will be available to you.

Bursaries

Some universities will offer bursaries or hardship funds to students facing financial difficulties. If you meet the criteria for a hardship fund, the most you will get is £2,000 and the least £200. These funds are based on financial need and can help support you with accommodation costs.

Savings

It seems like we’re stating the obvious here, but stay with us. You can save before you go to uni and use that money to help with your accommodation payments. Your parents might even be able to help out! Budgeting and planning is the best way to use these savings and make sure it’s spent on the right things.

Part-time jobs

A lot of students will take on part-time jobs to help supplement their income and go towards their bills. Aside from helping with accommodation costs, it’s a good thing to have on your CV for when the time comes that you head off into the world of work.

What to do if you can’t afford student accommodation

If you are struggling to find the money to cover the costs of student accommodation, remember that there are resources and support available.

Seek Advice

Your university will have student support services that you can use for guidance on financial aid options, budgeting tips and alternative housing arrangements. There’s nothing to be embarrassed about and the services are there for these specific situations, so use the help available to you!

Explore your options

There’ll always be cheaper accommodation options available; you could look at travelling in and living at home, looking at a house share or simply changing to a tighter budget.

Defer entry

If none of these things are available and you simply can’t find the money, you could always ask your university if you’re able to defer your entry for a year. This will allow you to find some part-time or full-time work that you can use to build up your savings and go into student life with a bit more comfort.

DON’T STRESS

Don’t let financial situations define your whole university experience. If we’re being blunt about it, part of the student experience is having financial constraints and you won’t be alone.

However, using the advice in this blog, you can go into it prepared and manage your finances effectively.