Many people are put off university by the cost of fees and other expenses. The reality for most is that they will have debts when they finish, but with a bit of knowledge and planning these can be manageable.
Fees
Although tuition fees have now been introduced where universities can charge up to £9,000 for a full time place, students are able to apply for a Tuition fee loan which is paid direct to the university.
This type of loan has an interest rate linked to inflation, rather than a rate set by the bank, which should be significantly cheaper. Another benefit is that repayments do not have to be made unless they are earning more than a certain amount. This means that if they became unemployed or took a career break they would not need to continue making payments.
Finances
Students may qualify for a Maintenance loan to help with living costs. This is repaid in the same way as the Tuition fee loan. If they are on a low income, disabled or have children they may also be entitled to some extra help with living costs.
The student finance calculator on the gov.uk website can help you find out how much you might get.
There are numerous other ways to make money go further from 0% overdrafts to getting an NUS Student discount card. There are also some helpful tips and advice on the Money Saving Expert Student money saving checklist and the Money Helper website.
