The student has moved into a new era. Generation ‘Oh well’ (as in “I’m broke … oh well”) has moved on, and its successors are questioning the worth of higher education. Value for money is at the forefront of every student’s mind.
Don't just take my word for it – the current applications cycle has seen a second consecutive drop in university applications, with UK applications down nearly 20 per cent since the rise in tuition fees.
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But the three-year cost of your degree isn’t determined by tuition fees alone. What other costs should the financially astute student consider when picking a course?
Housing crisis
Studentmoneysaver.co.uk asked 250 undergraduates where they’d most like to save money – on drinks, travel, accommodation, monthly bills or the cost of a night out. Seventy per cent said accommodation. This is hardly surprising – unless your university town happens to house a hippy commune, the roof over your head will be the major expense of your degree years (bar bills notwithstanding).
Students tend to drift into second year thinking the maintenance loan will comfortably cover their rent, so the pricey truth can be an unwelcome shock. According to Politics and Philosophy third-year student Sarah Thake: “In York, your student loan doesn’t cover your rent by about £800. If you don’t have parents’ help or a part-time job you’d really, really struggle.”
Scouting the average student rents should give you an idea of trends throughout the country. Better yet, as you visit prospective universities set aside a little time to explore the student residential areas, and take note of what you can get for your money.
There and back again
Nothing sponges up loose change like travel. That feeling of looking in an empty wallet and thinking ‘I swear I had a tenner in here’ is almost always attributable to the little costs involved in getting around – and these depend on where you live.
Travelling to and from campus adds up, especially if you plan to pop home between lectures. More importantly, how far away is your favourite strip of bars and clubs? A big city means big choice but a little town guarantees lower cab fares home.
It’s worth researching the costs of local travel too. In Sheffield, a single bus fare is just 60p on the main services, while those in Reading pay £1.80 for a standard single. See if your uni subsidises bus fare – University of the West of England helps out freshers by including a bus pass as part of the rent for halls.
Getting home for the holidays is also a major factor. While uni is the perfect excuse to break free from your home town (or just reinvent yourself where no one knows you), nothing dampens Christmas like spending all your present money on the train journey home. So think about how far you’re headed – Northamptonshire-based law graduate Tessally Elford plumped for University of Sheffield over Durham or St Andrews because they were "too far away and therefore too expensive”.
Bread and butter
No matter where you go, basic survival costs can ruin budgets – and drive you round the bend. For Warwick fresher Ben Velzian, one reliable feature of his weekly food shop is “a minor break down at the checkout”.
When exploring where to live, consider how expensive the local shops are. The temptation to go to your closest store will often win out. While fresh fruit and veg shops might even undercut supermarket prices, what will that trendy organic deli next door do for your wallet?
Hitting the town
“Most people I know are already into overdrafts” says Ben Jackson, a fresher at the University of Leeds, who says socialising is the main culprit. If going out is a big part of your decision to go to uni, find out where the country's cheapest drinks are and flick through student forums to get an idea of everyday expenses.
The NUS say nights out cost students an average of £675 per year each, but many of the students we polled said they could easily spend £30 in a night, and often parted with much more. Most reported club entry alone at £5 to £6 – it seems those endless Freshers' Week nights of going ‘out out’ could be under threat.
Money isn't everything
Remember, the course is the thing. University is an investment – you spend now for a payoff later. On the day you graduate, your degree becomes little more than a tool for landing a job.
But at the very least, if you’re having a hard time deciding between two similar courses then it makes sense to find out which option will cost you less.
And even if you have your heart set on a particular dream course, it’s a good idea to know how much the whole experience is going to cost you. At least then, all the red on your bank statement will come as less of a shock.
David Ellis is editor of studentmoneysaver.co.uk
- IN PICTURES: Top 10 best value universities
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How to apply for student finance
How to save on student accommodation
Top 10 degree subjects by lifetime salary
Best universities for high starting salaries
The best Apple and other student tech deals
