What to Consider in Your University Cost
by Ellise Walsh

If you are a student considering entering university within the next year or two; or you are an adult who is thinking of expanding your career options by entering university, there are a few things you need to take into consideration. Additionally, there are actions you should take now in order to insure your university expenses will be met when the time comes and you are not left wondering how you are going to pay the bills.

First, you will need to consider what expenses will need to be met. While it is obvious you will need to pay for tuition and fees related to your higher education, there are other costs that must be factored in as well. You may have thought about the costs of textbooks, but what about supplies? Pens, pencils, calculators, notebooks and a variety of other items that are generally required by professors and instructors are seemingly inexpensive on their own, however; through the entire course of a university education add up to become quite expensive. You will also need to think about your living expenses. Even if you will remain at home with your parents, there are expenses that must be met. Unless your family has unlimited financial resources, these expenses will usually need to be budgeted carefully. For example, there is the cost of your transportation to and from university. Regardless of whether you own an automobile or will be using public transportation, there will be a certain amount of money involved. Also think about things such as clothing and if you are not going to be living with family or you are expected to help with household expenses there are costs related to rent and food. Take all of these costs into consideration. Convert monthly expenses into totals for the each semester and year. Finally, calculate the amount of money you believe you will need for the duration of your university education. While the prospect of creating a budget for yourself for the entire length of your university education can sound daunting, it is much better to undertake it now rather than wait.

Secondly, now that you have determined what you will need to fund and how much money will be required, you need to think about sources for the money you need. A part-time job may be able to meet some of your expenses, but normally not all of them. Obtaining a student loan for the cost of your higher education and living expenses can be a workable solution. Additionally, it is possible you may qualify for a grant, which you will not be required to repay.

The way student loans in the UK typically work is that you, and possibly your parents, will be required to fill out documents regarding your income. You will usually be expected to make a contribution towards the cost of your university education. The amount requested usually depends on your income level, however in recent years contributions requested have not normally exceeded about £1,000. If your income is below £21,000 it is quite possible that you may not be asked to contribute any money towards your university cost. There are certain other factors that will determine how much money you are actually able to receive including whether you are living away from home and where you attend university. At the current time, you will need to begin repaying your student loan in the spring after you leave university and are earning in excess of £15, 000 per year.

There are also grants available to assist students in university with cost of living expenses. As with the student loan, the amount you may qualify for will depend upon your income level as well as expenses you already owe. Unlike a student loan, however; you will not be required to pay back a living expense grant. Depending on your income level you may be able to receive up to £1,000 per month based on a family income not exceeding about £15,000 per month.

If you are considering entering university in the fall of 2005 it is extremely important that you begin working on the necessary paperwork for student loans in the UK and any possible grants for which you may qualify as soon as possible. Deadlines do apply and applications will not usually be accepted after the deadline. The deadline to turn in student loan and grant applications for individuals who are planning to enter university in the fall is normally in late June or early July. Students who are continuing their university educations have even earlier deadlines-normally in May.

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