How much does a University education cost these days?

[BottySpottom]

We are budgeting for our children's education and trying to decide whether to move house to fund it. Can anyone advise me how much it costs of educate at University level these days (and whether that includes the cost of living element)?

Many thanks

Tuition fees £3K per year. Recent reports suggest Universities want this to go to £5K per year (this is usually paid by the student via a Student Loan Company Loan). Then there is a separate Maintenance Loan of approx £3.5K per year, which roughly equates to the cost of a catered Hall of Residence.

DD has just come back from an offer-holders stay at Uni, and was told they need aroiund £10K pa!!

Fees £3250 can be borrowed on Student Loan, and another c.£3K can be gained via grant or loan, the rest is on Overdraft, Parents, part time jobs etc etc.

Heaven help them if the fees go up to £5-7k per year as was suggested on the news this week!!

I used to work in Banking, and years ago we were told students needed £8K pa so £10k is probably right.

I have to say the cost to us at the moment is £200 per month allowance per child (2 of mine are at Uni), with the occasional bail-out. Then they work full-time each holiday (bar work usually) to pay off their overdrafts and get a bit of a cash buffer before the next term starts.

They will leave with horrendous debts, but they are very low interest (zero for a while, I think), and as and when we can afford to pay some off then we will. But we have 2 more DCs to go.

OKaaaaay ...

Oh dear!

Thanks all

DD1 Graduated in July. Because she started uni when the fees were only around 1500 we paid that amount each year. Anyway between us and her it has cost around £20000 to get her through uni.
It is going to cost more for DD2 as her fees will be at least £3000 per year.

Hassled - hate to tell you this, but the loans don't have an interest free period - it's currently 2.8%, last year it was 4.8% & the year before 2.4%. It's only that you don't have to start repaying it until the April after you leave & only then if you earn more than £15,000.

DD's Hall fees are currently £3,800 pa, her maintenance loan is only slightly more than this, as because of our income she can't borrow the maximum, so we give her a top up allowance.
The tuition fees are just over £3000 as the universities are allowed to put them up by the rate of inflation - DS is in his final year, in his first year they were £3000, 2nd year £3079, this year £3179 - but you can get a loan to cover 100% of the tuition fees whatever the family income.

More info here

Actually I see the interest rate has now gone down to 1.5%, which is a bit better.