Nerina Poole & Gary Thebault - Tobin Thinking of the future Nerina Poole & Gary Thebault - Tobin

What will it cost me to send my Daughter to University ? Currently the maximum you can receive from Student Finance is £14,500 per academic year. From numerous websites such as NSU and Kent University it shows that the average cost of sending a student to University for 2013/14 was £21,999. Which means you need to find the extra £7,499 The amount that you will receive from Student Finance is based on the household Income.

Student Funding based on a £9000 course

What are the costs that we need to consider ? Initial relocation costs – approx £500 Travel including flights. Accommodation Food Books Leisure Socialising Bills Fees

Student Costs per academic year

Where can we get the shortfall from ? Local Bursaries. University Scholarships – 34% of English Domiciled F/T students received a bursary from their Institute. www.gov.uk Student savings – Stats show a surprising number of students that do have considerable savings. Parents Family members Figures for 2007/08 will not be available until late February (based on figures released by the UK government). There will be some adjustment, normally by around the UK cost of living

Student Savings

The average student spends as much on course costs as on food. Student rents in the South are twice as high as the North. The average student spends £10,000 a year while they’re at university. 31% of students would have chosen a different course. 1 in 3 students have never budgeted.

Part-time jobs were the second biggest source of income, with 16% of students taking on part-time work. 18% rely on their parents to meet the shortfall in funding. 12% of students were using their overdraft to fund the difference. 11% relied on grants. 3% used credit cards. Worryingly, 1% used pay day loan companies, which are notorious for charging extortionate interest rates.

Would it be cheaper to go abroad ? European fees do tend to be cheaper. However living expenses can be a lot higher depending where you study. American Fees do seem to be higher, however their fees structure is slightly different. We have evidence of very generous scholarships for some students. Especially talented sports men or women. Australia and New Zealand. Costs are slightly lower, but flights are higher and living costs are higher.

Useful websites http://www.savethestudent.org http://admin.studentcalculator.org http://www.nus.org.uk http://www.thecompleteuniversityguide.co.uk

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