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Moving to higher education is exciting but many students find themselves asking: “How am I going to pay for all this?” The list of bill can seem endless: tuition, rent, direct debits for your mobile or car insurance, utility bills, council tax (if you live in England), food, books, and travel. Then there are additional costs such as field trips, sports gear if you are part of a team, clothes, gym membership and maybe a new laptop. And all these bills are racking up before you even have a night out with your mates.
Money worries can be made even worse as it is not something we like to talk about or discuss with our friends. But know all the evidence out there tells us that there are more student who worry about money than those who do not. Every year thousands-and-thousands of students find themselves worrying about their finances. In a recent survey by SaveTheStudent.org, it was reported that 78% of students in 2019 worried about making ends meet.
Money worries is such a massive issue for so many students that there are a lot of solutions and help available to you. The best thing to do is be prepared, plan ahead and know what to do when the unexpected happens....and know where to get help when you need it.
KNow before you go
KNow before you go
Hacks for your finances
Hacks for your finances
There’s a no doubt that higher education if an expensive investment. The thought of graduating with £30- £40k of debt is stressful. However, there’s help out there.
Tuition Fees
For Northern Ireland students, the cost of tuition per year was just over £4,500 in 2021/22 for university (for more information see here). This is slightly less in Further Education colleges where the tuition fees are just over £3000 per year. While many students don’t have this amount of cash to pay fees in full, you can apply for a tuition fee loan. The loan will cover your annual fees in full.
Accommodation
The average rent for student accommodation in the UK is around £150 per week. However, this can range greatly depending on where you live. According to a report by the Guardian, students in London can expect to pay around £200 per week whereas they found that students at Ulster University’s Magee Campus paid only £75 per week (the cheapest in the UK) for a room in one of their halls of residence. To help you with this, you can apply for a maintenance grant (non-repayable but depends on your household income) or a maintenance loan (repayable).
Living Costs
While tuition fees and accommodation are by far the biggest things you will have to pay for in higher education, daily living costs soon add up too. Which? estimates that the average student will spend around £500 per month on things like transport, food, utility bills, clothing and eating out. As with help for rent, you can apply for a maintenance grant (non-repayable but depends on your household income) or a maintenance loan (repayable).
Useful Sites to Learn More
Useful Sites to Learn More
The Money Advice Service
Student Finance NI
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