Student life is probably more expensive now than it has ever been. However, this is not all bad news. Although it will cost you money to get a degree, the amount you have to find in advance need not be that great, and you only need to pay back the money that you borrow when you are earning. Studies have shown that the value of a good degree to a student is greatly in excess of the cost of getting one. In our department we pride ourselves on the high esteem with which employers regard our graduates.
The two items which will cost you money are the tuition fees and your cost of living during your studies.
Tuition Fees
In the worst case (assuming that you are not eligible for any bursaries or scholarships) the tuition fees will be 3,145 pounds per year, paid directly to your university. You don't have pay these up front, instead you begin to pay them back once you are earning over 15,000 pounds per year. A bursary is a cash payment made each year by the university to selected students. The amount of each bursary is determined by the university, depending on the financial circumstances of the student. A scholarship is an award made by the university on the basis of a range of conditions, including where you live, your personal circumstances and your academic achievement. Universities offer a range of bursaries and scholarships. These are always worth applying for. There is some good informaiton about how this all works here.You can find out about Hull University bursaries and scholarships here.
Living Expenses
In addition to fees you will have to find money to fund your stay at university. You will be able to apply for a Student Loan. The loan amount varies depending on how much support you are getting from the government, and the income of your family. You may be eligible for additional government support. If you are a UK student and your family income is less than £17,500 a year, you will receive £2,700 per year. The smallest loan amount is 3,300. It is possible to get by on this, but you will not be living the high life. Many students work during the semester (although it has to be said that this is not good for their studies) and some students work during vacation to build up cash for term time.
The Bottom Line
After your stay at university you will probably have accumulated debt to the equivalent of the cost of a nice car. However, the effect on your earning potential, particularly in one of the more marketable subjects like Computer Science, makes this a very worthwhile investment.
You may hear stories of people who have accumulated huge amounts of debt during their student years. This is possible, just as it is possible to get massively into debt in all walks of life. What is important is that you must try not to let your personal financial circumstances stop you from making your life better by getting more qualifications. There is a great deal of support out there and you must make sure that you make the most of it. If you wish to discuss your personal situation in confidence please feel free to get in touch with us, we may be able to suggest some things which will help.