Studying at university comes at a price, and it’s important to be aware of all the costs involved in studying your chosen course, and how best to manage them. This article will look at everything from tuition fees and living expenses, to student loans and other sources of finance.
The first cost that you are likely to come across, is the fee for your UCAS Application, which you will have to pay while you’re in the process of sending off your application. The amount you have to pay will depend on the number of courses you apply for, but paying is easy, either via the internet or your school/college.
The rest of the costs you incur, and bills you have to pay will either be for study costs, such as tuition fees, course materials, field trips, or living (maintenance costs). Maintenance costs involve normal living expenses such as food bills, internet access, and TV licenses, along with accommodation costs. How you fund your studies is one of the most important issues you’ll face, but there is plenty of information and advice available about fees, funding, living costs, and managing your money.
While many of you may choose to work during the holidays or term time, there are also a number of funding options available either from government based funding schemes, or direct from your chosen university. Different funding options and conditions may apply depending on whether you are a full or part time student, living at home or moving away, or whether you are studying at undergraduate or postgraduate level.
Universities will often offer general or course specific scholarship programs, fee waivers, or bursaries to students on low incomes. On a different note, government funding comes in the form of full or partial grants, normally for full time students, who meet criteria including falling within required household income levels. The government also offer loans for tuition fees and living costs to UK, and in some cases EU students, who meet their criteria. Any loans taken out will normally be subject to interest charges, but will not need to be paid back until you finish your studies, and your income reaches a certain level.
If you’re eligible for financial help, then you need to try and have this in place for when your course starts, and arrange a student bank account. Student bank accounts will vary depending on the bank or building society you set them up with, but interest free overdrafts, a structured overdraft program to help you manage your money, and if needed, student credit cards, are among the services offered. You may also be able to switch to a graduate account when you finish studying, which will offer terms designed to help you gradually pay off any student loans/debts.
To find out more about student bank accounts visit your local bank, or go online, while more information on student finance can be found from UCAS, Directgov, university financial advice pages, or education supplements in national newspapers.
