University - How Much Does It Cost?

[Swedey]

Assuming we don't take out any loans nor qualify for any type of assistance, how much do you think it costs to fund a young adult through university?

In London? Per annum?

I know the tuition fees are £3,200 per annum.

A wild guess £7-8 grand per yr in London

Not entirely sure about London, but a friend of mine with older children says it's same as private school (hers were privately ed.) so approx £12k pa inclusive?

You may need to direct them to the nearest tescos for shelf stacking in the hols

The halls of residence at UCL work out at between £5,100 and £6,600 for a single room within walking distance of college.

Plus tuition fees of £3,300, plus laundry, plus food, plus going out, plus phone, plus plus.

DS1 is going to study medicine and it's apparently not v easy (and not recommended) for them to get a job during term time.

Fees are now capped at 3700 per annum but the plan is for them to increase to around 7,000 I believe.

Different unis charge different amounts for lodging in their halls. The prices are on their web sites and are more economical than you might think. Certainly cheaper than a house share.

And it's 6 years at UCL.

Litchick - yes, I've just seen the prices on UCL's website for accommodation. It seems mid price is about £6,600 per annum for walking distance to college for a single room. I was more wondering what would be a reasonable amount for other outgoings, assuming tuition fees and accommodation are taken care of.

My DS is heading to UCL this year. We haven't worked out the cost yet, and realise that he could get a cheaper deal elsewhere, but we have spent a fortune on his education so far so will soldier on for this top place. I think it is bit cheaper than school fees.

I fully expect him to take as many loans as he can, apply for sponsorship and bursaries, and get a job.

This is such a scary thread title I didn't dare click on it for hours!

ten grand i'd say - but really unless you are very wealthy and your own retirement is entirely funded already there is no reason not to take the student loans available, they are very cheap and almost all graduates will have them so it will be the absoulte norm.

in my experience the first year after graduation is actually the hardest financially when you have to start paying council tax, probably move to a new city, travel to interviews, deposit on a flat, possibly you need a car for work, new 'work' clothes etc etc.

i really needed my parents a couple of times just after graduation so am glad they didn't bankrupt themselves helping me out while i was a student (i took loans).

Don't forget you don't pay for tuition fees up front.

Any use?

(caution- required your ds to draw up a budget)

I would get the loan at least for the fees anyway!!! All the money saving experts say it is the best thing to do.

We are not eligible for any assistance and had two at university last year, they had loans for fees (paid direct to university) plus a loan for 'living' but we also paid their accommodation, so that loan they used for everything else, food, books, going out(!) etc. One has graduated now (phew) and third DC is a bit of a way off yet.

The amount of money students have varies between the seriously wealthy whose parents give them a huge allowance every month (thousands of pounds) to those who have had to save up and pay for their own accommodation and living costs.

We were paying about £350 each per month for accommodation I think and every so often would give them some extra money. The first year, one was in catered halls, but the other was in self catering so costs were different again.

It's very difficult to say how much it actually costs, if your child has been in private education, it's probably not that much different. Ours are/were state educated so it's suddenly forking out money left, right and centre. However, we had saved up a lump sum specifically for their further education which we use/d. Our savings are gradually being drained though.....

60 grand to qualify as a doctor, never mind the cost of gigs, pub crawls and other student rites of passage?!!!

I'd go down the student loan route, definitely. I've never known a poor doctor so with any luck the loan will get paid off sooner rather than later and he'll be able to keep his devoted old mum in the style to which she hopes to become rapidly accustomed

Seriously though, the sheer cost must put loads of poorer kids off. I was a council house kid who went to an RG university to do a degree in Ponce, and have since been employed in a poor but happy poncey job. In the days of full grants of course. If I were 18 now I'd have to something else wouldn't I?

I think it is right to think of a course that will have a short pay-back time. I definitely would not encourage any of my DCs to do an expensive course with poor employment or salary prospects.

I don't see anything wrong with this point of view.

After accomodation and fees he will need about £30 pw for food (this ammount is if he is very careful), £5 for phone, £5 for washing, £5 for personal things and haircuts etc , anything from £10 to £££ for socialising. The medicine books are very expensive. Will he have free internet? Gym?

My brother did it on the cheap (the above figures) it was hard but doable. He was coming most weekends at mine and was eating well, then eat cheap mon-fri. Also he hasn't buy clothes, i got him 2 pairs of trousers and jumpers and he wore the same jacket for 5 years. Will your ds travel to visit you? that's another cost.

If he smokes and run car he will need much more. Or if he socialises more ie theatre instead of cinema, clubbing instead of house parties, expensive presents etc. But the basics are around £50pw.

Will he go holidays in those 6 years? He will some breaks/treats.

If you do come from a family that does not have a huge income (or even a mediocre income) there are extra loans and help available though. I think the threshold is about £40,000 p.a. but I am ready to stand corrected. There are also various bursaries and awards available.

Many students DO pay their accommodation out of the loan, it's just that mine didn't. Others that shared houses/flats with mine did.

As I said, at the other end of the scale, there are students whose parents give them a huge allowance every month too.

My London Uni used to suggest that you needed to plan £1000/month for everything except fees - as a minimum. They explained this with London being so hugely expensive.

I managed to do on much less and I'm sure I wasn't an exception. Yeah sure, on average things do cost ££ in London, but if you stick to the cheap end it's different. My house-share accomodation in year two was about 60% of my student hall room in year one. No it wasn't in walking distance, but it sure WAS in cycling distance.

Similarly with food and going out and such. Especially as a student, you can get really good deals if you stick to student haunts. Cinema at Leicester Square can easily be £15, however if you go to Mile End or Peckham Multiplex you can see the same film for £5. Better yet, see classics at the BFI for free.

It also depends how much of the year your DC is going to actually be in London. If they only are there in term time, the overall costs should be much reduced.

However if you or rather your DC is going to do it on a shoestring, they will have to deal with other students going to places and having stuff they can't afford.

DD was considering a London college but was put off by the cost. She went to an open evening where they had some eager beavers saying it wasn't that bad: the cost of living may be higher but then so was the earning potential. Also, they reduced accom costs by living in Zone 4 or something like that.
Not much help for a wannabe doctor who isn't allowed to do P/T work and wants walking-distance, I'm afraid Swedes.

I'm v keen for him go not have go and live out in zone 4.

Some neighbours of ours have a son currently at UCL and they reckon £1,500 per month excluding tuition fees. I suspect £1000 a month is about right, excl tuition fees.

Well DD" is ion Kingston which is outer London. Her Halls cost £5000 a year tht includes internet and all utility bills but mot food or anything she has to buy for her course.Oh and she also has to pay for lundry. I think that costs about £" for the washing machine and then about "0p a time for the dryer. So that's More than £8000 for just fes and accomadation. I would tell him to take out the student loan

loungelizard the threshold is a lot less than £4000. I think it's around £3000 now.

I would say £12,000 in London and £10,000 outside London. That's what we are estimating for DS2 for next year. He'll apply for a tuition fee loan and non-assessed maintenance loan and we will make up the difference and pay off his tuition fee loan at the end of his course.
If you are applying for a non assessed student loan the form needs to be sent in by 23 April. If you apply for an assessed student loan, the cut off date is later.
Details and forms via UCAS.

Just popped in to congratulate your DS on his superb choice of university. Oh and it was hellish expensive 25 years ago and I don't spose things have improved any ...

Sorry Swedey