The simplest way to budget as a student is to take each maintenance loan instalment, take off rent and fixed bills straight away, and divide what is left by the number of weeks until the next instalment. That weekly figure is your spending money for food, travel and fun. In 2026/27 the maximum maintenance loan for a full-time student from England living away from home outside London is £10,830, and most students find rent takes a large share of it.
This guide walks through building that budget step by step, with an example, plus how to handle the summer gap and what to do if the numbers do not add up.
Step 1: know what is coming in
For students from England starting or continuing full-time undergraduate courses, the maximum maintenance loans for 2026/27 are:
| Where you live | Maximum loan 2026/27 |
|---|---|
| With parents | £9,118 |
| Away from home, outside London | £10,830 |
| Away from home, in London | £14,135 |
| Studying abroad as part of a UK course | £12,403 |
The amount you get depends on household income, and the government expects parents to make up the gap when you get less than the maximum. Students from Wales, Scotland and Northern Ireland have different systems and amounts. The loan is usually paid in three instalments, one at the start of each term. Add any bursary, scholarship, regular family support and part-time earnings to get your total.
Step 2: take off rent and fixed costs first
As soon as each instalment lands, move rent and fixed bills into a separate account or pot. Check your tenancy dates: many student contracts run 44 to 51 weeks, so you may be paying rent over the summer when no loan instalment is due.
- Rent, and bills if they are not included.
- Phone contract or SIM-only plan.
- Contents insurance, if not included with halls.
- TV licence, only if you watch live TV or use BBC iPlayer (£180 a year).
- Travel passes and course costs you know about.
Step 3: work out your weekly allowance
Divide what is left by the number of weeks until the next payment, including holidays. Then pay yourself that amount each week, by moving it to your current account or a spending pot, and keep the rest out of sight.
Example: a student receives a first instalment of £3,600. Rent for the term is £2,200 and fixed costs are £150, leaving £1,250. The next instalment is 15 weeks away, so the weekly allowance is about £83. This is an illustration; plug in your own figures with the budget planner.
| Weekly spend (example) | Amount |
|---|---|
| Food and household | £45 |
| Travel | £10 |
| Social and fun | £20 |
| Buffer or savings | £8 |
Step 4: plan for the gaps
- The summer gap: the third instalment often has to cover rent over the summer as well as the final term. Budget for this from January.
- Freshers' and start-of-term spending: set a fixed amount for the first two weeks, as this is when budgets most often go wrong.
- Christmas and birthdays: put aside a small amount each week so December does not wipe out the January budget.
- Emergencies: aim for a small buffer of £100 to £200 for laptop repairs or a train home at short notice.
Ways to boost your income
- Part-time work: from April 2026 the minimum wage is £10.85 an hour at 18 to 20 and £12.71 at 21 and over. Most universities advise keeping term-time work to a manageable number of hours.
- Bursaries and scholarships: check your university's website, as many are based on household income and do not have to be repaid.
- Hardship funds: if you run short, ask student support. These are usually grants, not loans.
- Reassessment: if your household income falls by 15% or more, you can ask Student Finance England to use current year income instead.
- Selling unused items and textbooks at the end of each term. Our student side hustles guide has more ideas.
Using your overdraft without getting stuck
Most student bank accounts come with an interest-free arranged overdraft. Used carefully, it is a cheap safety net. Used as extra income, it becomes debt you have to clear after graduating, when the interest-free period ends. Set a personal limit below the bank's limit, and try to be back in credit each time a loan instalment arrives. Our guide to choosing a student bank account explains what to compare.
What about paying the loan back?
Students who started an undergraduate course in England from August 2023 are on Plan 5: you repay 9% of earnings over £25,000 a year, starting the April after you leave your course, and any balance is written off after 40 years. Repayments depend on what you earn, not how much you borrowed, so borrowing less does not always mean repaying less. See our Plan 5 guide and try the student loan calculator.
Saving even a small amount while studying builds a habit that pays off after graduation. Setting aside £1 or £2 a day and logging it in SYM is an easy way to start; more ideas are in our 30 student money-saving tips.
Frequently asked questions
How much is the maintenance loan for 2026/27?
How much should a student spend on food per week?
When is the maintenance loan paid?
What can I do if my maintenance loan is not enough?
Should I use my student overdraft?
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