How Much Will My Tuition Fees Cost?
Tuition fees vary from university to university and course to course. The maximum annual fees universities are allowed to charge in 2012/13 is £9,000. The maximum amount will always be equal to the maximum tuition fee loan.
The tuition fee loan isn’t means-tested, and will be paid to the university on your behalf by The Student Loans Company. Of course, if you have another means of paying your tuition fees, you don’t have to take the loan, but as you don’t have to start repaying the loan until after you graduate and start earning, it can be beneficial to do so.
If you take out a tuition fee loan, interest is charged as follows:
Your living costs will include a whole host of things, some of which you might not have previously thought about. Your main outgoings will most likely be:
- Rent, whether in student accommodation or private accommodation.
- Food and drink.
- Transport onto campus or home for the weekends etc.
- Television License
- Phone (landline, if applicable, and mobile).
This isn’t an exhaustive list but certainly covers many of the core costs. You should also allow for clothing purchases and unexpected costs as necessary. Of course, your socialising costs will come under this umbrella too and that’s where some effective budgeting will come in handy! Be realistic about what you’ll spend on nights out (or nights in), and remember how expensive things like smoking can be.
Your Tuition Fee Loan will not cover your course material costs. You’ll probably be supplied with a reading list and those books can be pricey. If you’re doing a subject like English Literature where the reading lists are even longer, the costs can quickly mount up. Don’t forget to take advantage of libraries and second hand bookshops to keep costs down.
Certain courses will also require other materials that can put a dent in your bank balance. For certain courses, you may be required to travel substantially and this might end up being something you have to pay for yourself. Your course costs are a priority, however. You can’t cut corners here.