Top 7 Student Expenses

Tue, Feb 10, 2009

For those of you already attending University or College, you’ve probably already experienced the expenses involved with living as a full-time student. The Student Finance Blog receives many emails per week varying in topics and questions, but a question which seems to come up time and time again is what are the various expenses involved with being a full-time student living away from home, some of these questions are from people who are expecting to dive into student life in the next few months or so, but many of the queries are from parents looking for some guidance. So this post is designed to help all of you out there who would like to know where most of the cash is likely to go. We would love to hear from you if you have anything further to add to this post or if you have any questions.

1. Tuition Fees

A tuition fee is a sum of money charged to students every year to attend University or college, as the name suggests, you are paying for your tuition’s and exams etc. The University or college decides this fee and each one can vary, although currently the maximum amount which can be charged to a person from the EU wishing to study in the UK stands at £3,070 per year.

You can apply for your tuition fees to be paid via your student loan, bursary, scholarship or out of your own pocket if you have it. If you decide to pay for your tuition fees through the student loan system, you must start paying back what you owe once you start to earn over £15,000 per year, you can read more on repaying your student loan here.

2. Accommodation

Living away from home probably means living away for the first time, this leaves you responsible for finding accommodation and paying your rent. There are many types of student accommodation, most will automatically be allotted a place in a University or College owned student accommodation in the first year, but after that you will probably have to find a shared house or flat with your friends. Rent is one of the biggest expenses with attending university, with accommodation varying from £40 per week to £100+ per week, remember to choose wisely and keep within a budget you are happy with.

Rent isn’t the only expense involved in student accommodation, you than have to think about the bills e.g. water, heating, electricIty, TV, Satellite and broadband. Make sure you find out if these are included in the rent before signing anything.

3. Travel

If you live more than walking distance from local amenities or the University or College itself, travel expenses can be an added burden. The most cost effective way of travelling around is via a bus service, student ticket prices are usually between £1 - £1.50 each way, so this adds up if you attend University every day, the odd night out and getting into town on the weekends etc. Many bus services offer a buss pass designed for students which allowed unlimited travel for a fixed fee per term. Make sure you look into this, and never get into unnecessary and expensive taxi rides. Also remember to include the occasional trip home on the train or by car. Try to achieve the most cost-effective method of regular travel, even if you may not like getting on the bus.

4. Socializing

Let’s face it, students are notorious for their socializing capabilities during a standard week, it’s no surprise that people who attend University call it the best time of their lives. This doesn’t come cheap though, I remember a time where we would go party and on nights out around 3 nights per week, obviously I couldn’t;t sustain this for a long time as it completely drained my resources in the first year. I’m not going to site here and write about what you should or shouldn’t do in your spare time, but remember to think it out properly and plan a budget, then you can see how much money you have for nights out without leaving your bank balance wanting for the last couple of months of the term.

5. Food

Everyone has to eat, 3 meals per day at least. Shop at the right places and go easy on the take aways and you should be fine. There’s nothing wrong with shopping at budget supermarkets such as Aldi or Lidl. You can find a detailed post regarding this issue here.

6. Study Expenses

There are also some more costs related to studying, things like stationary and books are essential as aids to your course. A good tip is to search websites such as Amazon and Ebay for second hand books which could bring your costs down considerably, you could even ask students who have already done your year to purchase their unwanted books. Other essentials include a Laptop or PC, most students opt for a laptop due to their mobility, remember to shop around as prices can vary greatly between suppliers and retailers. You will also need to software to accompany your new laptop or PC check out a great deal on Microsoft Office Ultimate here and a guide on the best free software here.

7. Clothing

Everyone needs new clothing from time to time, only purchase what you really need or what you can afford.

So there we have The Student Finance Blog’s guide to the 7 largest expenses involved with student life. We would love to hear from you if anyone has anything to add or any questions regarding this post. Drop a comment below, or email us via the ‘Contact Us’ page.

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