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Student payments - tips for balancing your student loans with rental costs

31/01/2022 Top News Students Tips & Advice
Student payments - tips for balancing your student loans with rental costs

Many second-year students, and some first-year students too, will know all too well the challenges of finding alternatives to halls of residence accommodation. It is important that you find accommodation that is convenient for your classes and your social life and is affordable. When searching for student accommodation it is important to be practical when deciding on your budget and how you plan to balance your rental costs alongside student loan payments.

There seems to be some confusion around how student termly rent is calculated. It varies for every company how it is calculated but we favour the good old fashioned 4-3-3 football formation.

Put simply this means:

  • September loan (Pay 4 months’ rent for September, October, November, December).
  • January loan (Pay 3 months’ rent for January, February, March).
  • April loan (Pay 3 months’ rent for April, May, June).

There are alternatives to this method such as paying your full tenancy as one payment at the start of the tenancy agreement, or on an agreed date each calendar month. 

Why not try our rent calculator to see what you might expect to pay in rent? It's easy to use and in just a few clicks will break your rent payment down into weekly payments helping you to budget more accurately.

However you decide to split your rent payments, it is important that you find a schedule that suits your budget and lifestyle. With this said, we understand that sometimes the unexpected can happen and you can run into issues with paying your rent on time. If you have any queries or difficulties regarding your rent or your loans are delayed, you should always contact your landlord/letting agency - we’re not complete monsters and we’re here to help if we can. Problems don’t go away by being ignored.

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