Careers Gateway - Magazine

What's the cost of student life?

Lots of students want to go to university or college. Many careers will require you to get an HND or a degree. Higher Education can be a great experience and right for you. This article is about the costs involved and the steps you can take to prepare yourself for the 3-4 years ahead. It's not cheap and from 2006, you could be paying up to £3000 per year in fees alone. You have to think about the accommodation, living expenses, course materials and so on.

Costs for fees are yet to be confirmed, but £3000 is the estimated average fee for the majority of major universities. It might be a good idea to do some research before choosing your university. Also, fees will differ between England, Scotland, Wales and Northern Ireland.

What help can I get?

Student Loans may be available for you to defer your fees (which means no repayments until after you have left university and are earning over £15,000 per year). You can also apply for a maintenance loan to help with living costs. The Student Loans Company will provide information about loan criteria, eligibility, amounts and repayments. In 2005/6 amounts ranged from percentages of £2490 - £5175, depending on certain criteria.
Grants are not repayable but are means tested (which means based on your family income). To check current grant amounts check out the UCAS website.
Bursaries - Students receiving full grants and taking courses charged at the maximum cost of £3000, may be eligible for a bursary or support package. These are non repayable and you can ask your Connexions Adviser for more information and advice about eligibility. Universities also have additional bursaries available for those who may not meet other criteria, these could be academic bursaries based on merit rather than family income.

In 2004, the National Union of Students estimated student costs (fees and living costs) to be £10,186 inside London and £8,584 outside London, before any potential income and loans. We are not trying to put you off studying, but you must plan carefully to cover the costs and make sure that it is definitely the right choice for you.

Debt - Before, During, After

It's easy to let things get on top of you. Debt can be a struggle. If you plan carefully and talk to advisers, you can hopefully reduce the stress involved. Get some advice about budgeting, banking or getting part-time work. If it's your first time away from home, it's sensible to ask for some support. Many Student Unions will also have people there to help advise you on many issues associated with student finances and you quickly see that you are not alone!
The most important thing is not to bury your head in the sand and pretend that everything will be all right if you ignore it. Keeping track of what finance is available to you will allow you to deal with your debt calmly.

Web Links

The InterStudent money channel - A website crammed with useful student finance articles

UK Student Information Portal - Advice on choosing a Bank

Insolvencyhelpline.co.uk - Plan to avoid student debt

Aim Higher

National Union of Students (NUS) - finance section

Need 2 Know - Student finances

Scottish Executive - information for Scottish students

Learning Wales - information for Welsh students

BBC - Higher Education Strategy

Good Luck!

Jennie Glitherow

At school or college? Look out for Jennie's future articles which we'll have here for the first Monday of each month and which we'll link to the best sites we can find on the Web. Why not bookmark us now?

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