How much does university cost ?
There are only two main costs - what it will cost you to study (tuition fees and course fees), and what it will cost you to be a student (accommodation, living expenses, childcare, food, books, travel and leisure costs.).
Tuition fees vary from one university/college to another, the maximum tuition fee for England, Wales and Northern Ireland for students starting in 2009/10 is £3,225 a year.
Scottish institutions currently charge English students studying in Scotland £1,820 a year. This applies to all four years of a standard Scottish degree course.
No full-time undergraduate student will have to pay any tuition fees or course fees before they start university or during the time they are studying.
All Students will be eligible for a repayable Student Loan for Tuition Fees of up to £3,225 per year (in 2009/10) which will be paid direct by the Student Loan Company to their university or college.
Maintenance Grant
Most (about two thirds of all) new full-time students will also be entitled to a non-repayable Maintenance Grant. The exact amount of Maintenance Grant a student gets per year will depend on their income and that of their household.
New Students from households with an income of less than £25,000 per year will be eligible for at least £2,906 per year.
New Students from households with an income of between £25,001 and £50,020 per year will be eligible for a partial grant.
If your household income is over £50,020 per year - No Grant.
The levels of Maintenance Grants available for full-time students are set to remain the same for students starting in 2010/11.
Bursaries and Scholarships
In addition universities and colleges offer financial support to students in the form of non-repayable university bursaries and scholarships.
Students who receive full Maintenance Grant or Special Support Grant, and who are on a course charging full fees, will receive a bursary which will at least match the difference between the Maintenance Grant (or Special Support Grant) and the tuition fee charged. However, many institutions are offering more than this and lots of universities and colleges are offering considerably more than the minimum.
Many colleges and universities also offer scholarships. Availability can be based on a range of factors - such as your A level grades, the subjects you studied, or where you live. You can find out what’s on offer from your university or college’s website, or from their student support office.To find out more, visit the bursaries and scholarships section of the directgov student finance website.
Study first, pay back when you are earning
Student Loans to cover tuition fees and living costs do not need to be repaid until you have left your course, have started working and are earning over £15,000 per year.
To calculate whether you are eligible for a non-repayable student grant and how much student loan you would be entitled to, check out the Student Finance Loan and Grant calculator at
http://www.studentfinance.direct.gov.uk/calculator/studentfinancecalculator/
University is a good investment.
A university education gives you better employment prospects and as a graduate you are likely to earn more in the future.
You are much more likely to get an interesting job and earn a better salary as a graduate.
For more information about student finance check out the Directgov student finance pages and check out the unimoney video at http://unimoney.direct.gov.uk
