Exactly how much does university cost?
Are you thinking about attending university, or going to start the next semester, and wondering how much obtaining this degree is going to cost you? But should cost affect your university choices? We have calculated everything and you might be in a bit of a shock! Don’t panic just yet, though, as the majority of this money you pay back slowly over time and other parts are given to you for free!
If you were attending a course starting in or after September 2014, the maximum you will be charged is, £3,685 in Northern Ireland, and up to £9,000 in the rest of the United Kingdom. The fees use to be up to £3,000 but have increased. This may seem scary, as it can cost up to £27,000 just for the course alone – but even though the tuition fees have increased, so has the earnings you will have to be on to pay it back. It’s all relative so there is no need to panic.
Actually living somewhere, your Halls of residence can vary in price, it can be up to £4,000, or renting from private landlords in your second, third or fourth years.
Travelling will only be really expensive for anyone that has decided to live at home and commute to university. If you are near-ish to London and commute, it can cost you up to £500 a month alone to travel there!
So this will be food, toiletries and any necessities you can’t live without. Which we will put the price tag on as, up to £200 per month – you could be a really messy person!
Living some more
Now the bread and butter are paid for, its time to check out the other living you will most certainly be doing, meaning, nights out, take away and all of your money will most definitely be going to Just Eat.com! £50 a week could easily be spent, and that is probably just one really good night out, or a couple down your SU
Books, printing, binding, banging stationary – it all adds up! It can cost up to £1000 per year!
The extra bits
These include the days out, seeing friends, travelling back home to visit friends and family, or even extra-curricular activity you are completing alongside your degree, from seeing plays, talks and movies. We’ll give this £70 a month!
The extra-extra bits!
So this is the Asos sale, the shopping spree online or spending your student loan the day you received it – the norm! This is complete leisure and all personal items you want but doesn’t necessarily need! The price tag is roughly £200 a month!
This may not seem nice, but per month you are looking at the maximum of £2,336!
Per year, it could be as much as £28,040! Right, don’t faint or have a panic attack right now. We put all the maximum spending in our calculations, and unless you are really bad with money – you should be fine! And some circumstances are different, like commuting to university, but a person attending university in London could pay out more than other places, so there are many variables to the calculation!
Also, even with the ‘free’ money from Student Finance, the maximum hand out isn’t as much as £2,336 (we wish!) So you won’t be spending as much – if you are careful. Most students do have a part-time job alongside studying to help with their finances.
If you are worried about spending and protecting yourself from debt, read our articles on saving money and your credit score and our student budgeting tips, too. The majority of your loans you won’t have to pay back for a long time and it will be such a small amount per month you won’t even notice! And remember, there is help from the university, and Student Finance, such as Maintenance grants and scholarships and bursaries from your institution. Panic over! Now let’s go check out the bargain bit of ASDA!