Life as a student: hidden costs and threat of debt

Thousands of students are finalising their university arrangements for next year following the publication of the A level results. But amid the pressure to choose the right university and the best course, it is easy to overlook the need to also find the most suitable bank account.

The unpleasant reality is that studying at university is very expensive. Students can expect to owe £23,000 by the time they graduate – the just published Push Student Debt Survey shows that undergraduates accumulate debts, on average, by more than £5,000 per year.

Yet most parents believe the cost of university is only half that amount, according to analysis by Equifax — so students may get less parental help than they hope.

The good news for students at Queen’s University or the University of Ulster is that Halifax reports that the student cost of living here is the second lowest of anywhere in the UK, while the cost of accommodation is the very lowest.

Undergraduates here can expect to spend in total £160 a week, compared to £248 in London.

And the average weekly rental here is less than £41, compared to the UK average of £77 or £95 in London.

Beware the unexpected

The National Union of Students (NUS) warns, though, of being caught out by unexpected costs. A student on a mathematical or computer science course should expect to find an additional £1,430 per year to pay for books, equipment and fieldwork. For medical students the often unexpected and unbudgeted extras cost £902.

“Universities need to be much more open about the hidden costs associated with different courses,” says Wes Streeting, the NUS president. “Many students preparing to go to university this summer may be in for a real shock.”

It is almost inevitable that students will face years of debt after they graduate because of the introduction of tuition fees.

Both Queen's University and the University of Ulster charge the maximum permitted £3,225 for tuition fees.

Those studying in Britain face similar charges.

Although tuition fees in Scotland are paid by its government, this only applies to Scottish students and those from non-UK countries in the EU.

But while tuition fees are chargeable, students may defer paying them by obtaining a student loan to cover the fees.

These become repayable after graduation when a person starts earning over £15,000 per year.



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