![\"library\"](\"https:\/\/www.ncchomelearning.co.uk\/blog\/wp-content\/uploads\/2018\/04\/library.jpg\")
<\/strong><\/p>\nHow much does University really cost?<\/strong><\/p>\n University costs are divided into two main components; there are the tuition fees which are the charge from the University for the degree course and then living costs which is everything else associated with the period of study.<\/p>\n Tuition fees<\/strong><\/p>\n Tuition fees are the costs that the course provider charges for the degree course.\u00a0 Degree courses vary in length but are usually three or four years in duration.\u00a0 Some subjects such as Medicine and Veterinary Science may be five years.\u00a0 Universities and higher education providers are allowed to charge up to a maximum per year of \u00a39250, many do charge this amount but some are less expensive.\u00a0 The important thing to grasp is that these fees do not have to be funded up front.\u00a0 Every student is entitled to a government Fee Loan regardless of their parents\u2019 financial situation.\u00a0 This covers the cost of the fees in their entirety and is paid back by the student after they have graduated.<\/p>\n Living costs<\/strong><\/p>\n All the other costs associated with University study are perhaps more troublesome because they are variable and less well defined.\u00a0 These will include accommodation \u2013 this may involve living in halls of residence on campus, or a house share off campus or staying at home if it is nearby.\u00a0 Food and all the usual life costs have to be provided for, transport costs covered if the student is running a car or travelling on public transport to a campus, clothing, books and course materials which crucially are not part of the tuition fee cost and of course a budget for a social life.\u00a0 Living costs can vary hugely but do offer an element of choice and control.\u00a0 A room on a University campus may initially be more expensive but it could include catering which becomes a defined cost and there will be no associated travel costs from a location off campus. Some students opt to study at a University near their home and will live at home, only incurring travel costs to and from the campus.<\/p>\n Loans<\/strong><\/p>\n A Fee Loan is available to every student and covers the cost of the fees charged by the institution they are attending.\u00a0 There is a second student loan available called a Maintenance Loan and this is means tested based on household income.\u00a0 This can be used to put money towards any living costs such as accommodation, travel and food.\u00a0 The Maintenance Loan can be applied for in the spring prior to University entry that autumn so a student should have a clear idea how much money they will be offered and can budget accordingly.\u00a0 Maintenance Loans are only based on parent\u2019s financial means; they do not reflect any specific costs for example, the fact that accommodation may be more expensive at one University than another.\u00a0 Maintenance Loans are rarely enough to cover the full cost of living during term time and so this has a big influence on where students choose to study and how they decide to live whilst they are at University.\u00a0 Students usually top up with either a part-time term time job whilst some work in their holidays to save for the following academic year.\u00a0 Some parents are able to top up their son or daughter\u2019s Maintenance Loan.<\/p>\n Paying back Student loans<\/strong><\/p>\n Many students worry about the size of the loan they are incurring to study at University.\u00a0 They are concerned that they will graduate with a millstone of debt around their neck which will remain with them for years.\u00a0 Tuition fee loans have a maximum value of \u00a39250 per year and the Maintenance Loan can offer up to \u00a38430 per year although this may vary according to means testing.\u00a0 You do the Maths! That is a big figure after a three year degree course.\u00a0 And interest is charged on the outstanding loan amount as well. The amount of interest charged will vary according to how much salary is earned after graduation \u2013 the higher the salary, the higher the interest rate.<\/p>\n The loan is repaid from salary and payments do not begin until a student earns at least \u00a325,000 per annum, a recent increase to the threshold.\u00a0 The debt is live for thirty years and students remain liable for a thirty year period or until the amount is fully discharged whichever is the sooner. Payments are deducted from salary at source a bit like income tax.<\/p>\n According to the Student Loan Company, their latest figures reveal that you make repayments on any amount above the threshold. In other words, you will pay out of your salary 9% on every pound earned over \u00a318,330.<\/p>\n![\"expenses\"](\"https:\/\/www.ncchomelearning.co.uk\/blog\/wp-content\/uploads\/2018\/04\/expenses.jpg\")
<\/p>\n![\"chalk](\"https:\/\/www.ncchomelearning.co.uk\/blog\/wp-content\/uploads\/2018\/04\/chalk-board.jpg\")
<\/p>\n