With a Three Year University Course Now Costing in Excess of £48,000 – The Answer Could be to Stay Away from Halls | Young Academic Student News

With a Three Year University Course Now Costing in Excess of £48,000 – The Answer Could be to Stay Away from Halls | Young Academic Student News

Young Academic has discovered that as tuition fees creep towards the £9,000 mark students will pay up to £48,500 for three years of study. Accommodation will make up a large chunk of this cost at an estimated £10,800.

Continuing our commitment to sourcing only the most relevant student news and advice, we can bring you all the stats and facts you need regarding the most expensive Universities in terms of fees and living.

“Although the average rent in a private home has also risen by nearly 5%, this will still turn out dramatically cheaper than being overcharged by academic institutions”

 

The latest research does indeed reveal that the average UK student would have to find £45,503 over the course of a standard degree; this is a rise of 55% from the cost of current undergraduate student who pays just £31,373.

Based on some analysis of the elite group of English Russell Group Universities, accommodation, fees and living costs will cost England’s one  million full-time undergraduates a staggering £46.2bn to complete their University course.

So what can the current crop of aspiring students do to combat these costs? The answer appears to be rather simple. Stay out of University halls and rent privately.

UK students can save considerable amounts of money by renting privately in towns and cities across the country. Although the average rent in a private home has also risen by nearly 5%, this will still turn out dramatically cheaper than being overcharged by academic institutions. The average student could save nearly 10% by renting privately and living in a house share.

Jonathan Moore is a Director at a student accommodation website and has commented; “Undergraduates are already under extreme financial pressure – and this is only going to get worse as the higher fees kick in next year. Rents in the private sector have been rocketing up – but they are still some distance from matching the cost of a room in most university halls, which cover cleaners, wardens and layers of university administration.  Students are taking note. Many undergraduates move into private flats after their first year, but with the rise of the financially prudent student, it will become commonplace to avoid university accommodation altogether.  What’s more, like those living in halls, if students flat share with other students, they won’t need to pay council tax. And unlike most Uni residences, they won’t get turfed out at the end of term.

“The only way to get by more cheaply will be to live at home as many students in other countries do. But for most people wanting to attend the best universities, that’s not an option, and in any case would undermine the whole British student experience.”

The biggest savings for students looking for cheaper accommodation have been found in Sheffield and Birmingham where rent can be as much as £980 lower for the year. This is almost the same as a whole student loan instalment resulting in far more money being freed up for study and socialising.

Young Academic Student News | University Cost Tables

Russell Group University Total Cost of Degree (£)
LSE52,319
King’s College London52,065
Imperial College London51,967
University College London51,778
University of Cambridge48,680
University of Oxford48,607
University of Nottingham47,695
University of Sheffield47,492
University of Southampton47,398
University of Bristol47,371
University of Leeds46,962
University of Liverpool46,870
University of Birmingham46,828
Newcastle University46,809
University of Warwick46,672
University of Manchester46,537
Russell Group Average48,503

Based on one year of university accommodation, and two years of private flatsharing

 

Table 2: Annual costs over 39 weeks: University accommodation vs. private flatshare

Russell Group University University Accommodation costs  (39 weeks)Private Rental costs (39 weeks)Saving over course of Year
University of Sheffield3,8842,904981
University of Birmingham3,5842,722863
University of Leeds3,6052,779826
University of Bristol3,6862,942743
London School of Economics & Political Science5,2674,626641
University of Warwick3,3672,752615
University of Manchester3,1902,773417
King’s College London5,0134,626387
University of Southampton3,4043,097307
Imperial College London4,9154,626289
University of Nottingham3,4643,215249
University of Liverpool3,1672,952215
University College London4,7264,626100
Newcastle University3,0542,97777
University of Oxford3,5933,607-14
University of Cambridge2,9963,942-946
Russell Group Average3,8073,448359

 

*Based on 30 weeks of term-time for Oxford and Cambridge College accommodation, rather than 39 weeks

 

Charles Whitworth is the Editor of the Young Academic publications.

Graduating from the University of Liverpool with a Bachelor of Arts degree in Journalism in 2008, Charles learned his trade in newsrooms such as IPC Media and Sky.

He has now developed as a top sports, music and current affairs journalist and has been printed in a range of publications including The Guardian. His interests include Cricket, Football, Rugby, Music and Current Affairs.

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