University Students' Rent Payment Strategies And Challenges

University students employ a variety of strategies to pay their rent, with some relying on part-time work, others on financial support from their parents, and others on student loans. Some students may even use a combination of these methods. While student loans can be used to pay for rent, students should be mindful of the eventual debt they will have to repay. On-campus housing is often more affordable than off-campus options, as it eliminates certain costs like furniture, security deposits, and utility payments. Additionally, students living on campus may have meals included in their housing costs.

Student loans

On-campus housing tends to be more affordable as it eliminates the need for furniture, security deposits, and utility payments. It may also include meals. Off-campus housing, on the other hand, usually requires a security deposit, and students are responsible for utilities like heat, electricity, and internet service.

According to the National Center for Education Statistics, the average cost of room and board in the US in 2022-23 was $12,639 at a public four-year college or $14,406 at a private school. The median nationwide cost for a rental unit was $1,634 per month in September 2024. It is important to note that these costs do not include meals, furniture, utilities, and other housing-related expenses.

Students should carefully consider the costs of living on and off-campus and choose the option that best fits their budget. They should also be mindful that student loans will need to be repaid with interest in the future.

In addition to student loans, some students may work part-time jobs or rely on family support to help pay their rent.

Part-time work

Type of work

There are various types of part-time work available for students, and the type you choose will depend on your skills, interests, and availability. Some common options include:

• Working in hospitality, such as a waiter/waitress or barista. These jobs can be flexible and often have opportunities for overtime during busy periods.
• Freelancing or tutoring. This can be a good option if you want to work remotely or have a varied schedule.
• On-campus jobs. These are often convenient for students as they are close to where you study and the employers are usually aware of your student commitments.
• Retail or stockroom work. Retail jobs can be flexible and may offer staff discounts, which can be helpful for students.
• Factory or warehouse work. These jobs often have opportunities for overtime during holidays or busy periods.

Working hours

It is important to consider how many hours you can realistically work alongside your studies. Balancing work and university can be challenging, and you don't want to compromise your studies. Some students choose to work full-time during holidays and save that money to support them during term-time. Others opt for a consistent part-time job throughout the year.

Income and budgeting

The income from your part-time work can contribute to your rent and living expenses. It is a good idea to create a budget to understand your income and outgoings. This will help you plan and ensure you can cover your rent and other costs.

Other options

Scholarships

Types of Scholarships

Where to Find Scholarships

You can find scholarships by searching online databases, such as Fastweb, or by checking your university's website for a list of scholarships they offer. You can also ask your guidance counsellor about local awards and scholarships. Additionally, some scholarships may not be widely advertised, so it's worth checking your university's scholarships website regularly to see if there are any new opportunities.

How to Apply for Scholarships

When applying for scholarships, it's important to treat the process like a part-time job. Commit to applying for several scholarships each week, and vary the types of scholarships you apply for. There are two main approaches to applying for scholarships: the "target" approach and the "shotgun" approach. The target approach involves applying for a small number of large, competitive scholarships that you have a good chance of winning. This requires spending a significant amount of time perfecting your application, including essays, letters of recommendation, and other materials. The shotgun approach, on the other hand, involves applying for a large number of smaller, less competitive scholarships. This approach may increase your chances of winning an award, but the applications may be more time-consuming overall.

Using Your Scholarships for Rent

Once you have been awarded a scholarship, you will need to talk to the scholarship provider about what the funding covers. Almost all scholarships will cover tuition, but some may have specific restrictions on how the rest of the funding can be used. Some scholarships may only cover room and board at the college, while others may allow you to use the funds for off-campus housing. Any scholarship awarded outside of your college or university must be reported to the school, even if you use it for off-campus housing. If you receive more financial aid than you need, the college may reduce your financial aid package, typically by removing student loans first.

Combining Scholarships with Other Forms of Aid

It's important to remember that scholarships are just one form of financial aid. You can also apply for grants, work-study programmes, and loans to help cover your college costs, including rent. Additionally, you can consider getting a part-time job or taking out a loan to supplement your scholarship funds. By combining multiple sources of financial aid, you can reduce your overall financial burden and ensure that you have enough funds to cover your rent and other expenses.

Family support

For students who have a good relationship with their family and are open to discussing financial matters, it can be beneficial to have honest conversations about their financial needs and how their family can help. This may involve creating a budget and identifying areas where family support would be most helpful. For example, a student may be able to cover their rent through a part-time job or scholarship but may need help with other expenses such as textbooks, transportation, or utility bills.

In some cases, family support may not be limited to financial assistance. For instance, a student's family may offer accommodation by allowing them to live at home during their studies, which can significantly reduce their living expenses. Alternatively, a student's family may own a rental property that they are willing to offer at a discounted rate or use as a means of building their credit. This can be especially beneficial if the family is open to a flexible payment plan or reduced security deposit.

Additionally, family members can provide non-financial support by offering advice and guidance on financial matters. They can share their knowledge and experiences to help students make informed decisions about their finances, including renting their first apartment, creating a budget, or applying for scholarships and grants. This type of support can empower students to take control of their financial situation and make strategic choices that will benefit them in the long run.

Bursaries

How to Apply for a Bursary

Students don't need to apply directly to a university for a government-funded bursary or scholarship. Instead, Student Finance England, Student Awards Agency Scotland, Student Finance Wales, and Student Finance NI — the government bodies that students apply to for funding — automatically assess the information they receive.

The amount of funding you receive will vary depending on the university, but the money doesn't have to be paid back (unless you decide to leave the course early) and payments go directly into your bank account. The funding may last for one year or the entire duration of your course.

Who is Eligible for a Bursary?

To be eligible for a bursary, a university needs confirmation that:

• You have applied to Student Finance for income-assessed support
• The chosen university is on your application
• Your household income has been verified by Student Finance
• You (and your parents or partner) have given consent to Student Finance to share information with the university

In addition, you may be eligible if you fall under one or more of the following criteria:

• You are a home or EU student
• Your household income is less than £25,000 (lowest-income families)
• Your household income is between £25,001 and £42,611 (low-income families)
• You are underrepresented, for example, you have UK Refugee status, or live in an area with low participation of young people in higher education
• You have a disability or a long-term health condition for which Disability Living Allowance (DLA) is not available
• You are working or studying away from your university
• You have come from a care background
• You are caring for an adult or children
• You are living in a foyer/hostel or shared accommodation

Types of Bursaries

Sports Bursaries

These are awarded to students who have shown excellence in sport.

Specified Subjects

Academic Achievement

Funding offered for academic excellence, which may be competitive, automatic, or restricted to students from low-income families.

Frequently asked questions