How to manage your student finances
1. Create a budget
A budget gives you an overview of your income and expenses, so you can prioritise your money correctly. But how do you create a budget?
- Register all your fixed income, such as student aid, part-time job salary or scholarship.
- Register your fixed expenses, such as rent, electricity, insurance, subscriptions, and cellphone bill.
- Set aside money for food, transportation, and recreational activities.
- Consider what amount you can save each month.
2. Apply for loans and grants from Lånekassen
To qualify for support from Lånekassen, you must usually be a Norwegian citizen. Foreign citizens can receive support to study in Norway if certain conditions are met.
Read more about your possibilities from a loan or grant from Lånekassen as a foreign national
If you are a student with Norwegian citizenship or have a permanent residence permit, the following applies:
- All students are entitled to basic loans, i.e. student loans. As a student, loans and grants from Lånekassen are usually your main income.
Read more about loans and grants on the Lånekassen website. - Up to 40 percent of your loan can be converted into a scholarship if you do not live with your parents, you pass your education and have income and assets below the limits set by Lånekassen.
Read more about converting basic loans into grants on the Lånekassen's website. - If you have a disability, you may be entitled to an additional grant from Lånekassen.
Read more about additional grants on the Lånekassen's website.
3. Think wisely about food and transportation
You will really need to make the most of your student aid if you don't have a part-time job alongside your studies. Food and transportation can be significant expenses in a student budget, but you can also save a lot here if you plan well:
- Buy food for a week at a time, and avoid impulse purchases.
- Take advantage of student discounts wherever you can, including on transportation, events, and restaurants.
- Pack your lunch instead of buying lunch out.
- Consider different means of transportation. Cycling can be a good and affordable alternative for short distances.
Read more about Bergen City Bike
4. Take advantage of student discounts
Many stores, gyms, and other services offer student discounts. Be sure to ask about this!
Your student card and student app serves as a student ID, so show this when paying or at a ticket inspection.
Check out this overview of many student discounts in Bergen
Find other student discounts at Studentkortet.no (Norwegian)
5. Get a part-time job
If you want a student budget that's a bit more generous, a part-time job can be a good way to make that happen. Part-time jobs can give you valuable work experience in addition to extra money.
For example, many students get jobs at UiB as a mentor, seminar leader for a course, or assistant in various departments or research projects.