The cost of a higher education
Everyone knows university isn’t cheap, but how much will you actually pay?
If you are wondering how much it will cost you to go to university or a little confused about the fees and would like to know what finance is available- we’re here to help! We’ll break down the costs, showing you where student finance can help you or where you may have to tighten the budget belt! Welcome to student living!
What are tuition fees?
First things first, tuition fees are what the university will charge you to attend their course. Fees can vary depending on the course and uni, but a charge of £9250 p/a is average. The Complete University Guide offers a handy course finder, where tuition fees will also be displayed.
Student living costs?
Moving away from home brings all sorts of new costs. Rent, food, textbooks, travel and other living costs have to be accounted for.
So what financial support is there?
Before you panic at the numbers building, know that there is help at hand. If you are eligible and plan to study in the UK, 2 different types of student loans are available:
- Tuition fee loan– The tuition fee is paid directly from Student Finance to your university. Provided you filled in the correct paperwork, you don’t need to worry about transferring any money!
- Maintenance Loan– This is paid directly into the bank account of your choice to help support your living costs. The total amount is divided into 2/3 payments (depending on your course semesters) and paid at the beginning of each term.
How is the financial support decided?
Be aware that the maintenance loan available to you is based off your parents household income. This means only those with low-household income are likely to receive full financial support. Those with a higher-household income are likely to receive a reduced maintenance loan because of the implication that the difference will be found elsewhere. For example, this may be through parental contribution or perhaps a part time job.
Find out how much finance you could potentially get here.
Scholarships, Grants and Bursaries?
It can also be worth looking into your uni for other financial support- many offer scholarships, bursaries, or grants. You could be eligible!
Remember! You only need to start repaying your loan when you earn more than £25 725 per year so don’t stress about not being able to afford repayments.