What It Costs To Be A Student

NUS estimated student expenditure for Academic Year 1999/2000 (38 weeks)

1. Assumes first year student receiving maximum loan entitlement (from LEA/parents/spouse) and liable for full tuition fees
   
2. Based on NUS Accommodation Costs Survey 1998/99 - average private rented cost
   
3. Based on British Gas average costs and average electricity charges (assumes four sharing a three-bedroomed house)
   
4. Average figures based on Endsleigh student contents insurance premiums for 1999/2000 (assumes sum insured is £3,500)
   
5. Based on NUS Student Hardship Survey 1999

So how do students fund these costs?
Student loans are available to help students pay for living expenses. The loan must be paid back with low interest once graduated and earning at least £15,000 per annum.
Access Funds are given by the Government to universities to help students who are in real financial difficulties. There are no rules for how Access Funds are given out, except that you must already have applied for a Student Loan.

Student Unions usually provide Hardship Funds to help students with financial difficulties or who are facing unexpected circumstances such as illness. They are also paid out if you are waiting for your Student Loan to arrive, and are normally an interest-free loan.

A hardship loan is a loan of £500 which your university can provide, based on your individual needs. It depends on assessment by your university, and you need to have applied for a Student Loan.

For further information on the Hardship Loan, Hardship Fund and Access Fund, contact your University Welfare Office.

And what about after graduating?
It is well documented that the average student leaves university with debts totalling approximately £12,000. But graduates don't need to start paying off their student loan until they are earning enough to afford the small repayments. The current limit is £15,000.

If you need help paying off your debts, read about the various debt solutions here.

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Student Debt
Student Debt: Tips To Avoid Student Debt
Student Debt: Student Debt Rises To £14bn in UK
Student Debt: Student Borrowing FAQ
Student Debt: Students and Credit
Student Debt: What It Costs To Be a Student
Student Debt: Specialist Advice Organisations for Students
Student Debt: Student Debt Case Study

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