Financial implications of going to University

Every parent wants their children to go to University and get a degree to enable them to have a better and more secure future. There are many things to take into consideration if you decide to fund this yourself as you could be out of pocket by as much as £15,000 a year. We all want to help our children achieve their dreams and earn good salaries to take care of themselves and future expenditure but is it really worth all the financial turmoil?

How much does going to university actually cost?

  • As of 2010/2011 a year’s university tuition costs up to £3,290 so the cost for three years will bring the total to £9,870
  • Accommodation for a year can cost as much as £150 a week or as little as £65 depending on where you live so you could pay as much as £9,360 for 3 years accommodation
  • Eating properly for students is last on their list and this is where a lot of money is wasted. If they learnt to cook the easiest meals, they could save money. The average cost of food for 3 years can be £2,880
  • Depending on the contract of accommodation, bills may be included but things like phone and internet access may not so budget another £1,080 for three years worth
  • If your child gets a place on campus, then there will be no travelling costs but if the accommodation is not within walking distance then travelling fees for 3 years could total to £2,880
  • Clothes depending on how trendy you want them can cost up to £1,000 a year making is £3,000 for three years
  • Toiletries such as shampoo make up, body wash, hair products and creams can reach a whopping £1,800
  • Study costs – this includes books, study material, trips and stationary will vary depending on the course taken but you could spend over £800 for the course of 3 years
  • Socialising – everyone knows that students like to party so going out every Friday or Saturday night will be the norm. This can add a huge unnecessary cost to the budget even if you don’t drink or smoke. Going to the cinema and restaurant also counts so budget up to £600 a year for this or £1,800 for three years

The cost for three years of university expenses totals to £33,470
To make it easier, it works out £11,156 a year or £929.72 a month to send just one child to university.

If you can convince your children to stay home, then obviously the costs will be brought down and the bulk of finances will go into yearly tuition fees.