Deciding to pursue higher education is a significant investment, but understanding the full cost can be challenging. This means that more and more students are worrying about the cost of university. 

In this guide, we’ll explore the various expenses associated with university, from tuition fees and accommodation to textbooks and living costs. By breaking down these components, we aim to help you understand that what it costs, is not necessarily what you pay.

What's in This Guide?

→ How much is university in the UK?

→ How much are UK university tuition fees?

→ What is the cost of living at university?

→ How much do you actually pay to go to university?  

How much is university in the UK?

Finding how much university actually costs can be tricky. It depends on so many factors such as location, spending habits, and accommodation types. We have estimated that university costs £63,750 - £72,750 over 3 years.

How did we get to that figure? Let's break it down.

On average, tuition fees for UK universities range from £9,250 to £9,000 per year for domestic students. However, for international students, tuition fees can be significantly higher, often exceeding £20,000 per year. Here though, we are solely focusing on UK home students. 

In addition to tuition fees, students must also budget for accommodation, food, transportation, books, and other living expenses. On average, students in the UK spend around £12,000 to £15,000 per year on living costs.

Therefore, as most degrees last 3 years, tuition fees come to £9,250 x 3 = £27,750.
We then have "additional costs" which come to: 

- £12,000 x 3 = £36,000 or,
- £15,000 x 3 = £45,000

Hence, leaving us with £63,750 - £72,750 over 3 years.

Now, although this is what it costs, it does not necessarily mean that is what you need to pay. In fact, most of the time, if you budget right, choose the right accommodation, and or live at home, you don't need to pay any of your own cash. 

How much are UK university tuition fees? 

As we can see tuition fees can vary quite a lot depending on where you are from in the UK and where you decide to study.

Students from Scotland for example, can study for free in Scotland. Same goes with students from the Republic of Ireland. With Northern Ireland and Republic of Ireland students also being offered tuition almost half that of the normal amount if they study in Northern Ireland. 

Please note these figures are for full time students only. But don't worry if you are going to study part-time, we have a handy guide for you too!

What is the cost of living at university? 

With such a huge focus on university living costs being on tuition and not the "actual" cost of living, it is easy to forget arguably the most important factor when considering university costs. 

The cost of living at university can vary widely depending on several factors such as location, lifestyle, and personal preferences. However, on average you can expect to spend £900 - £1,400 a month. Let's consider you stay at university accommodation all year on a normal contact length of 51 weeks. Thats £11,475 - £17,850 a year. Over 3 years this adds up a lot; £34,425 - £53,550. Maybe those few weeks back at home don't seem so bad anymore? 

Here's a breakdown of the main expenses you'll need to consider:

1. Accommodation: This is often the largest expense. University halls of residence, private rentals, and shared housing each come with different costs. On-campus housing might include utilities and internet, while off-campus living may require separate payments for these services. It is not uncommon for studios to cost up to £200 a week, or, £10,200 over 51 weeks. 

2. Food: Whether you cook at home or eat out, food expenses can add up. Meal plans offered by universities can provide convenience but might be more expensive than preparing meals yourself. Budgeting for groceries and occasional dining out is essential. Expect to spend £30 a week on food alone. 

3. Transportation: Depending on where you live, you may need to budget for public transportation, biking, or car expenses. Some students might need to travel home occasionally, so consider those travel costs as well. Seeing as most students live on campus and don't need to travel you may not be concerned with this. If you have a car and travel to university it likely means you are staying at home, so it can be very difficult to estimate this cost. However, that being said, if you live away from home while at university and need to travel expect to spend around £50 a month on transportation. 

4. Books and Supplies: Textbooks, lab equipment, and other supplies are necessary for your courses and can be quite costly. Buying used books, renting them, or using the library can help reduce these expenses. 

5. Personal Expenses: This includes clothing, personal care items, mobile phone plans, and entertainment. These costs vary greatly depending on individual preferences and lifestyle choices.

6. Utilities and Internet: If you live off-campus, you'll likely need to pay for electricity, water, gas, and internet separately. Make sure to factor these into your monthly budget.

Understanding these components can help you create a realistic budget and avoid financial stress during your university years. By planning ahead and managing your money wisely, you can make the most of your university experience without breaking the bank.

How much do you actually pay to go to university? 

The figures we’ve discussed might seem overwhelming, but it’s important to remember that the actual cost of attending university is different from what you’ll directly pay out of pocket.

Most first-time students in the UK are eligible for a Tuition Fee Loan, which covers the full cost of tuition for home-fee students. However, this option is not available for international students studying in the UK.

For living expenses, many UK students can apply for a Maintenance Loan. Keep in mind that this loan might not fully cover all your living costs. For more information on additional funding options, check out our comprehensive guide to Student Finance.

Unlike regular loans, student loans have unique repayment terms. You’ll only repay 9% of your income over a certain threshold. If your earnings fall below this threshold, your repayments will automatically pause.

Additionally, any remaining student loan debt is typically forgiven after 25, 30, or 40 years, depending on your specific Student Loan plan, regardless of how much you have repaid. 

For a detailed explanation, see our guide to Repaying your Student Loan. The key takeaway is not to be deterred by the initial cost of university, as you’re unlikely to pay the full amount.