While the courses on offer will be top of your list when choosing between universities, it’s also worth thinking about the cost of living while you are there – particularly if you plan to move away from home.
According to the latest Natwest Student Living Index, released annually, Bournemouth was the most affordable city for undergraduates in 2023, followed by Cardiff, Lincoln, Portsmouth and Newcastle.
Before applying, check how much the universities you’re interested in charge for student halls. The price can vary widely depending on location and quality of the accommodation. You could also check the average cost of a student flat in your university town ahead of second or third year using websites Rightmove or Zoopla.
Students don’t pay council tax and utility bills are usually included in the rent at university halls of residence. Some universities offer catered halls, meaning certain meals will be included in your accommodation fees. Make sure you take this into account when comparing costs.
According to the 2023 Save the Student accommodation survey, the average cost of student housing is £535 a month, therefore living at home is often the cheapest option. However, the course you want to do may be better at a university away from your home town, or you may worry that living at home will make it harder to make new friends.
Check what bursaries and scholarships are available for different courses and institutions. Individual university websites provide information on what extra financial help they can provide and the selection criteria. According to Ucas, 80% of students who received a scholarship or bursary found out about it from their university or college.
The Scholarship Hub provides a free search tool to find funding opportunities for both undergraduate and postgraduate students. Turn2Us has a tool that allows you to search for grants from charities and organisations.
Ruki Heritage, head of student experience at the University of Bedfordshire, says it’s worth doing your research, as many universities have a welcome scholarship or bursary available for new students. “Don’t just presume you won’t be eligible, which is something I hear many times from new students,” she says.
How does the student loan work?
The part of your student loan that covers tuition fees will be paid directly to the university. The other chunk is the maintenance loan, which is usually paid in three instalments directly into your bank account.
The amount you get depends on your parents’ income as it is assumed they will contribute financially. Therefore it is reasonable to ask your parents to help you.
How should you budget when you get to university?
In a poll of 7.2 million members of student discount app UniDays, more than 50% reported that they were not confident about how to budget and three in four said their student loan never or rarely lasted for the full semester.
Budgeting apps are available to help students to manage their finances, such as Emma, Money Dashboard and HyperJar. Monzo and Starling have budgeting tools built into their accounts, while Save the Student offers a free spreadsheet template.
Donny McCormick, director of student support services at the University of Roehampton, says: “Plan each month in advance. Many students will be on very fixed incomes in their years of study, so plan ahead to ensure that all outgoings are accounted for.”
Meal prepping can help you reduce your supermarket spending. Websites such as BBC Good Food and Mob Kitchen are a good place to look for batch cooking recipes.
Share essentials with flatmates as buying in bulk is usually cheaper. You can use Splitwise, a cost-sharing app, to help you keep track of your finances when splitting bills with housemates.
Avoid shopping at convenience stores as these are often more expensive. Also, keep takeaway orders to a minimum.
Psychology graduate Tabitha Ajao, 25, helped to set up a community pantry at her university. “It is a place where our students can come and receive free groceries and other products, like sanitary items and toiletries. It’s a great initiative to help students during the cost of living crisis, and it’s worth seeing if your university has something similar.”
Student cards unlock access to discounts at cinemas, gyms, restaurants and shops. Totum, which used to be known as NUS Extra, is free to use online or costs £24.99 for three years with a physical card and a Tastecard membership, for discounts on meals out.
Students can also sign up to UniDays for online shopping and your university-issued student card will be accepted in many high street stores.
Meanwhile, student nights at local bars and clubs will offer drinks deals and discounts, while the student union (SU) bar is often a good starting point for a cheap pint. Recent research by TonerGiant found that SU bars at Durham University, Imperial College London and Queen’s University Belfast were the cheapest, with a pint of Carling costing just £2.80.
Yasmin Payne, 22, a postgraduate sports student, says: “Another tip is to use the facilities the university provides for you, such as an on-campus gym or free shuttle bus to town, so you don’t waste money.”