Will your student loan make it to Christmas? Our calculator can tell you

Calling all students… your first maintenance loan has probably landed. But how long will it actually last?

That four-figure payment sitting in your bank account might look like a lot.

But our calculations suggest the average student could run out of loan money by 21 November, weeks before Christmas.

So, before you splash out on Freshers’ Week, take five minutes to work out how far your money really needs to stretch.

Find out when your money could run out

We’ve launched a free student budget calculator to help you work out exactly how long your maintenance loan is likely to last.

Put in your loan, rent and everyday spending and it’ll show you how much you can safely spend each week, and when your money is likely to come under pressure.

Your first payment has a long way to go

Your maintenance loan is paid directly into your bank account in three instalments, usually at the start of each university term.

That means the first payment, which usually arrives in late September or early October, has to last until the next one arrives in January.

That’s around 14 weeks.

We compared an average first instalment of around £2,035 with average student spending of £1,142 a month.

At that rate, the money lasts just 54 days, taking you to 21 November.

That leaves around six and a half weeks before the next payment.

Getting the maximum loan makes a big difference

Students receiving the maximum maintenance loan fare better.

An average first payment of around £3,610 could last until 1 January, just making it to the next instalment.

But for many students, the numbers simply don’t add up.

Sebrina McCullough, our director of external relations, says it can be easy to lose sight of how long that first payment needs to last.

“Seeing a couple of thousand pounds arrive in your account in Freshers' Week feels like a lot of money, particularly if it's the largest amount you've ever had to manage yourself. What's much harder to see is that it has to last you until January.”

You’re probably going to need more than your loan

Many students make up the shortfall through part-time work, savings or help from their parents.

But that help is becoming harder to rely on.

The average parental contribution has fallen to £146 a month, according to Save the Student’s National Student Money Survey, while the average maintenance loan falls around £467 a month short of living costs.

So, how much can you actually spend?

This is where our student budget calculator comes in.

You tell it how much loan you’re getting, what you pay in rent and bills, and what you expect to spend on everything else.

It then spreads your money across the academic year and gives you a safe weekly spending figure, helping you see whether you’re on track, before your bank balance becomes a problem.

And you don’t have to wait until November to use it.

Do the maths now, not in December

If your numbers don’t add up, knowing early gives you options.

You might be able to apply for a university hardship fund, pick up some extra work, review your spending or ask for help before you’re relying on credit.

So, before you spend that first loan payment, use our student budget calculator to help you stay on top of your finances, so you don’t run out of money before your next payment.