University is expensive, and there are two main costs to consider when choosing a degree: tuition fees and living expenses. However, do not let money be a deterrent to going to university. It is a fantastic opportunity which everybody deserves, and there are plenty of ways to be supported financially through university.

We have divided this article into two main sections:

  • Tuition – the cost of the university course
  • Living Expenses – everything else you need to pay for.

 

Please note that this information is for England, Scotland and Wales. Northern Ireland has different tuition and loan systems.

University Costs: How Much are University Tuition Fees?

University costs or tuition fees are what you pay to a university in order to study a Bachelor’s degree program with them. This money funds your teaching, your resources, and your campus. So, how much does university cost? 

Well, the tuition fees in the UK currently stand at £9,250 per year for full-time students. This may sound like a lot of money, but the vast majority of people don’t pay this sum upfront. Instead, they take out a government tuition loan 

Everybody, regardless of family income, is entitled to a full loan of £9,250 per year to cover tuition fees. If you study for three years, your tuition fee loan will amount to £9,250 x 3 = £27,750. It is important to note that this loan begins accumulating interest from the day your university receives its first payment. 

It is very common for people in the UK to take out a full loan every year to cover the cost of university.

University Costs: How Much are Living Expenses for University Students?

All other costs on top of tuition fees are your living expenses. This includes rent, travel, course materials, food, socialising, etc. There are a few different ways to cover these costs, the most popular being to take out a Maintenance Loan with the government.

Maintenance Loans

Maintenance loans are means-tested. This means that the amount of money you receive depends on your family household income. The less money your family earns, and hence the less they can support you financially, the bigger the loan you are entitled to.

There are also other factors which affect how much money you can receive. These include whether you live at home, are married, are somebody’s carer, and what course you study. You are also entitled to a bigger loan if you are attending university in London. 

The table shows the maximum loan you are entitled to in varying circumstances for the academic year 2022 to 2023.

Living at home Up to £8,171
Living away from home, outside London Up to £9,706
Living away from home, in London Up to £12,667
You spend a year of a UK course studying abroad Up to £11,116

This loan is paid in three instalments throughout the year, weighted heavier towards the third payment to help cover costs over the summer. 

Of course, taking out a maintenance loan is not necessary if you or your family can cover your living expenses.

Part-Time Jobs

Maintenance loans are not always enough to cover all living expenses so many people choose to get a part-time job while at university. There are a number of jobs available on campus, such as at the student’s union, in the café, or in the gym. There is usually competition for these jobs due to the fact that they are on campus and hours are flexible around studying. 

You can also look for a part-time job off-campus. Check out local cafes, restaurants, and shops for job vacancies. They typically employ local university students for part-time or seasonal work. This also means that turnover will be high so they’ll likely be hiring all year round. Other options include nannying, dog walking, or tutoring in the local area.

If working during the academic year isn’t realistic, you could also consider looking for summer jobs to earn some money during the school holidays. Alternatively, some undergraduate courses offer degree apprenticeships that enable you to work while you obtain your degree.

Gap Year

Some students also choose to take a gap year. A gap year is usually an academic year taken by a student as a break between finishing school and going to university. Getting a full-time or even a part-time job during your gap year is an excellent idea if you want to offset the cost of going to university. It also gives you some work experience which can help you make more informed decisions on university courses. 

Cost of Living

The cost of living varies in every city, which means expenses such as rent, travel, and food can differ greatly. Do some research before attending university to learn about the cost of living in your chosen city. However, keep in mind that in every city there will be student areas and events which can make living more affordable. 

In addition, there are national schemes that reduce costs for students, including the 16-25 railcard, the NUS card and general discounts from businesses for students. You can take advantage of all of these discounts and schemes using the student card you receive upon starting university.

University Bursaries and Grants

Most universities offer bursaries and grants for people who need extra financial support. The government usually allocates this by family income, but there are also grants and scholarships available for academic achievement. You do not have to pay these back. Go to the finance section of any university website to find out more.

University Costs: Paying Back Loans

The loans you take out for tuition and maintenance are combined. You pay this back in small amounts depending on your income, meaning that the repayment process doesn’t begin until you can afford it.

The following information is for those on Loan Plan 2, which means you began university on or after 1st September 2012.

You do not pay anything until April after you finish your course and while you are under the income threshold. When you start paying the loan back, you pay 9% of what you earn over the threshold. The threshold changes on the 6th of April every year but currently stands at £524 a week or £2,274 a month. Here is an example provided by the gov.uk:

This week your income was £600, which is £76 over the weekly threshold of £524. This means that you pay back 9% of £76 for this week, which is £6.

Going to university is a life-changing experience. While it is undoubtedly an incredible experience, university costs can add up. Before you decide on your degree path, it’s best to do some research and make sure you know all of the potential expenses you are expected to pay. The good news is that there is plenty of financial support available for students to cover the costs of study.

For further information and for help and advice for students and undergraduates, be sure to check out our Undergraduates page.