What's the actual cost of university?

You need to be mindful that you will be investing a hefty amount into yourself and your education (unless you’ve been awarded a snazzy full scholarship - well done to you!) when you decide to study at uni. Here’s a list of some costs to be mindful of. 

Student Loan is exactly that….a loan

The student loan system in the UK is great, and if you listen to Martin Lewis advice, he urges you not to pay it off in a mad rush because it could technically be seen as invisible money. And for the most part, I would agree with him. But you should be aware that the amount of money you pay back will increase every time your pay increases. I started off paying back somewhere around the £30-40 mark, and now I’m paying a few hundred a month. Student Loan will also award themselves any extra money you get if it’s a bonus, so be aware of that too. 

Commuting will save a small fortune

If you choose to study at a university close to home, it’s really worth thinking about continuing to live at home and committee in. You will be able to get discounted train tickets, so the cost of travel won’t be too much and you aren’t being hit with the yearly cost of student accommodation. And yes, you can still have the full university experience. Or maybe compromise, and live at home for the first few years, and move in with friends in your last year. You also won’t have to pay for things like cleaning products, washing and laundry detergent, the cost of using a washing machine, toilet roll, shared toiletries….all things that start to add up when living away from home

Food

It’s a basic need in order to survive, but it can be done on a budget. Don’t fall into the trap of not having a weekly meal plan and ingredients list when you visit the local supermarket. You could easily spend £5 on a pizza, drink and snack from the supermarket, or pay around the same price for a home cooked spag bowl that you could get a few portions out of. 

Extra course costs

Thankfully the CMA is all over uni’s and they have to be really upfront about this information. In a nutshell, if you are ever asked to make a payment for anything on your course (think field trips, books etc) then go back and check your offer letter, and programme handbook. If the costs aren’t listed then the university shouldn’t be asking for money for them. If you are aware of a field trip that could happen, ask how much this will be. You don’t want to miss out on the trip because you weren't aware that it might set you back a few quid. 

International students

As an international student coming to the UK, you have more costs to consider including your visa application, health surcharge, translation of documents, possible vaccinations, and money that needs to be in your bank account for visa purposes. Don’t be caught out - read our blog post covering the cost of studying for international students for full information.