The Costs of Uni?

Driving_Soon

It might seem a long way off, but in around 2 years I'm planning too go to Uni, Now you hear all the time from people and posts on this forum about how people come out of uni with thousounds of pounds worth of debt, but what acutally are the costs of Uni? Do you have to pay to study at Uni? If so how much or does that all depend?

I like to plan ahead so I'd like to know what I'm getting myself into!

Idiophreak

Driving_Soon wrote: »

It might seem a long way off, but in around 2 years I'm planning too go to Uni, Now you hear all the time from people and posts on this forum about how people come out of uni with thousounds of pounds worth of debt, but what acutally are the costs of Uni? Do you have to pay to study at Uni? If so how much or does that all depend?

I like to plan ahead so I'd like to know what I'm getting myself into!

I guess a lot depends on your circumstances, really...If you're going as a mature student, part time etc, your costs will be different...same if you're from a low income background etc...but in terms of a "normal" student:

When I went, I paid £1k tuition fees per year, probably a couple of hundred in books, between £50 and £80 / week in rent, associated costs (utilities, phone bill etc), plus anything else I wanted to buy.

In my masters, I paid around the same, but with £3k tuition.

In terms of how I got my debt, I took out around £3k per year student loan for the first three years - which went toward the above and was topped up by my parents and me working.

For the final year, I took out a £7k (iirc) loan from the bank to pay for everything...

So total student debt ended around 9k(slc) + 7k (hsbc) + 1.75k (overdraft) = 17.75k...

Since then, however, top-up fees have been introduced, so should expect to have to borrow another £2k per year...

Helix

Currently tuition fees are around £3000 a year. Then you will have living expenses to factor in on top of this unless you are planning on living at home.

If you are not going for 2 years then you might find Tuition fees will have increased by then. They are up for review in 2009 and they could go up to £6000 or more a year. With universities charging various amounts under this cap.

melancholly

http://www.moneysavingexpert.com/banking/student-money-saving

have a read of this as a starting point

Wiggynut

Helix wrote: »

Currently tuition fees are around £3000 a year. Then you will have living expenses to factor in on top of this unless you are planning on living at home.

If you are not going for 2 years then you might find Tuition fees will have increased by then. They are up for review in 2009 and they could go up to £6000 or more a year. With universities charging various amounts under this cap.

I'm starting in Sept 08 and the course fees are £3,145 per year... when you say they might go up to £6,000 per year will that apply to new students only or to all???
If it goes up to that amount then I'm not sure I'll be able to continue!
I was asked if I wanted to go into the 2nd year but decided to do all 3... I just hope I have made the right decision!

why would it go up by double the amount?????

This is very depressing news!

Idiophreak

Wiggynut wrote: »

why would it go up by double the amount?????

Well last time it went up by tripple (1k - 3k) - so I wouldn't put it past them...

Wiggynut

Idiophreak wrote: »

Well last time it went up by tripple (1k - 3k) - so I wouldn't put it past them...

wish I'd known this before... even 1k is far better than the 3k that I have to pay back now... that's the max price I can pay really.. .sounds like I wont be able to finish... what's the point going if I can't finish the course!!!!!!!!!!!!!!!!!

oh poo

CLAPTON

Wiggynut wrote: »

wish I'd known this before... even 1k is far better than the 3k that I have to pay back now... that's the max price I can pay really.. .sounds like I wont be able to finish... what's the point going if I can't finish the course!!!!!!!!!!!!!!!!!

oh poo

but you get a loan for the full amount and dont have to even start paying it off until you earn at least 15,000 and then at 9% of the amount over... so it doesn't actually affect how much you pay off each year although it does affect how many years you have to pay

Wiggynut

CLAPTON wrote: »

but you get a loan for the full amount and dont have to even start paying it off until you earn at least 15,000 and then at 9% of the amount over... so it doesn't actually affect how much you pay off each year although it does affect how many years you have to pay

true.. but owing that amount of money is very scaring... I've never owed that much in my life... once owed £8,000 and that was awful!

just under £10,000 for fees, let alone living costs and equipment etc!
not a nice thought really, but I've worked for years and I've always wanted to try being a student... guess it's better to do now before it goes up even more! :rolleyes:

CLAPTON

Wiggynut wrote: »

true.. but owing that amount of money is very scaring... I've never owed that much in my life... once owed £8,000 and that was awful!

just under £10,000 for fees, let alone living costs and equipment etc!
not a nice thought really, but I've worked for years and I've always wanted to try being a student... guess it's better to do now before it goes up even more! :rolleyes:

hopefully you will get some benefit from Uni.

In any event the government committed to only inflation linked rises until 2010... and after that they might not be in power anyway

GoodRiddance

If you leave University with £15,000 of debt and get a job earning £20,000 a year, very roughly speaking you will pay back £37.50 a month and have £60 a month added to the debt in interest. Enjoy