The Cost of Being a Student in 2017

Money can be a big concern for many students going to university. Increasing fees are putting more and more young people off University and toward an apprenticeship route. The cost of living and learning at University can be very expensive. In fact, the average student at university will pay around £10,000 a year. Students are beginning to wonder is the University experience is really worth the cost. Alongside the cost of university bills, students have the added cost of housing and general living which like student loans are beginning to cost students more and more. 

Student Loans

The main source of problems for students is the student loan. This for many years now has been on a dramatic rise. It is estimated that the average cost for a student at University in 2017 is over £10,000. This generally equates to just over £8,000 in tuition fees, a further £700 - £1,000 on travel and a final £1,000 on buying equipment such as work book and other such items. This is a yearly sum meaning for many students they will leave university will tens of thousands of pounds in debt.

Living Cost

On top of student tuition fees, students will also have to empty their pockets in order to pay for their living accommodation. Students attending the University of Birmingham, the average cost of student accommodation is £550 - £750 per month. students must then consider all other costs including food, the internet, water and electricity. This leaves students with little to no money for anything else. Students are now struggling to pay for the most basic of things with the little that remains after these huge bills.

Are Student Loans All That Bad?

Some may say that our current system for students is fairer than most. A student does not begin to repay their student loans until they are owning more than £21,000 per year and after 30 years if there is still any unpaid debt, it is written off. This helps to keep graduates on their feet once they leave university but does not eradicate the problem of debt as more and more students struggle to pay back exceedingly high prices. On the other hand, the sheer size of education bills are ensuring that some students struggle to get off their feet.

Should You Go To University?

Students should not be put off by these ever-growing prices as graduates put themselves in a much better position for the future. A student the graduates from University will statistically have a high chance of securing a full-time job. They also have a higher average pay than others. The average graduate will earn around £31,000 per year where as a non-graduate will average around £22,000. This does make University more appealing as graduates could receive jobs with a much higher payout.

What Is Being Done To Help Students?

As some students may know, in August of 2016 plans were announced that would have a massive effect on student housing. Administration fees and other such hidden fees have been an ever-growing cost for students. However, when this new legislation is finally passed students should no longer be caught out by oversized hidden fees. This alongside debt being written off after 30 years and no need to pay until you earn over the £21,000 line all helps to keep these students from huge debts. A final factor for students is the vast amount of student discount available to them. Now more than ever companies are offering discounts to students due. This in the long run at least can save student’s a large amount of money.