Expensive Towns

Being a student is not an easy life, especially when it comes to money. So in terms of minimising cost, the geographical location of a university or college is going to have a major influence. Different cities have different prices for accommodation, going out in the evening and everyday essentials like food, clothes and bus journeys home. And over the course of three years this is going to add up to a considerable difference in spending.

There will be some obvious examples. If you want to live in an upmarket part of London it’s going to be pricier than a bargain-basement area of a northern city. But if you’re less certain about the likely cost, then check out some estate agent websites in the areas in which you’re considering. The biggest cost is going to be rent and you’ll soon get a feel for the price ranges.

Don’t necessarily assume that a big city like London will always work out to be more expensive, because as well as the cost of living there’s also the question of earning a living. Most students are going to have part-time jobs during term time to supplement their loans and to reduce borrowing. And the greater availability of temporary work in a big city is likely to offset at least some of the higher costs. Students in London can also claim a larger loan than elsewhere, up to £5,175 compared to £4,195.

This student loan is meant to cover costs such as rent and bills. These costs vary depending on the location and lifestyle of you as a student, but don’t be surprised if this adds up to about £7,000 per year. The first thing that you should have noticed by that amount is that it’s higher than the maximum student loan available by almost £2,000. The requirement for a part-time job now seems somewhat more urgent than originally anticipated otherwise further borrowing will leave you with an even larger debt to clear once you have graduated.

If you’re really getting into researching a university or college in terms of the location, rather than the course, it’s also worth looking at the practicalities such as local transport and where you could get your shopping. If you have to travel everywhere by taxi and the only shop is a gourmet delicatessen, it’s going to be an expensive three years.

It should be the course and the institution that you’re choosing, rather than the postcode. But it’s certainly the case that the threat of higher costs and debts are influencing where people are going to university or college. The most conspicuous example of this is the increasing numbers of students who remain at home while they are at university or college.