The latter of these, the location, should never be underestimated. You should make sure the town or city you choose to study in is a good fit for you and your personality – and your student loan budget!
There are some big differences in the cost of living across different parts of the UK and even between different universities. We take a look at the cheapest and most expensive UK universities, based on how much students want to borrow from us to help cover their living expenses.
How much extra do students need?
Our data shows that students are applying for additional loans of £5,774 on average per year, just to help pay their living costs. But this can differ greatly depending on which university an undergraduate student goes to.
The top 3 most expensive universities for undergraduate cost of living
- University of Oxford – £9,801
- Regents University London – £9,728
- Imperial College of Science, Technology and Medicine – £9,708
The 3 cheapest universities for undergraduate cost of living
- Liverpool Hope University – £3,972
- Cardiff Metropolitan University – £4,057
- University of Gloucestershire – £4,175
With university costs rising students are looking to get more value from their university experience and this includes looking beyond the league tables and increasingly toward data on quality of teaching, student satisfaction, earnings potential and costs of living.
Bridging the funding gap
Undergraduate students can expect to spend more than £12,000 just on living costs each year, which is a lot more than the maximum amount they can get from government maintenance loans.
Students deciding where to study, or going through Clearing, need to carefully consider a number of factors when deciding where to study, and the cost of living is often overlooked in the rush to secure a university place.
A university education is expensive but it’s a long-term investment that can pay back several times. Students embarking on that journey in September can now get additional loans on the private market to help them bridge the funding gap. But they should make sure any loan they take out is designed for students, with flexible repayments and competitive interest rates.
New to Future Finance?
We’re the only specialist provider of student loans in the UK. We offer loans designed for students, which means lower, capped repayments in study, repayment holidays and a loan plan based on your course and university, not just your credit score.
You can apply online for a Future Finance student loan in less than a couple of minutes. And we won’t keep you hanging. Our smart technology means you’ll get a decision fast, without it affecting your credit score. See how we compare…