The Cost of University?
Everyone knows university isn’t cheap, but how much will you actually be paying?
If you are wondering how much it will cost you to go to university, a little confused about the fees, or would like to know more about the available finance tools – 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?
Firstly, tuition fees are what the university will charge you to attend their course. Fees can vary depending on both the course and the University, but an annual fee of £9250 per year is the maximum you can be charged. The Complete University Guide offers a handy course finder, where tuition fees will also be displayed.
Student living costs
Moving away from home brings about all sorts of new costs, for example rent, food, textbooks, travel and other living costs are just some of the costs that must be accounted for.
So what financial support is there?
Before you panic at the growing pile of numbers, 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. The loan ranges from £4,561 to £9,978 per year, and this figure depends on your family income status.
How is the financial support decided?
Be aware that the maintenance loan available to you is based off your parents household income, hence 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, due to the assumption 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 further 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 £25,000 per year, so don’t stress about not being able to afford repayments. Even when you do earn over £25,000, you will only be charged 9% of your income on anything you earn over the £25,000 threshold.
