You may have thought about what and where to study next, but have you thought about how much it will cost and who will pay for it? Due to changes in student funding, financial responsibility has shifted from the state to the individual, so it is more important than ever that you prepare; calculate how much it will cost, work out what support you could get and how you will manage once you’re there.

Student support

There are different sources of financial support that could help you into and through university. Best to research your options in advance to get an idea of how much money you could get.

There are two types of loan available; a tuition fee loan and a maintenance loan. You need to apply for these at the same time as your courses and then each year thereafter. Students entering higher education in 2008/9 in England and Wales will pay a maximum tuition fee of £3145 per year. However, you do not have to pay your fees straight away as you can take out a tuition fee loan. This means that the government will pay your fees on your behalf. (Students from Wales studying in Wales may be eligible for a fee grant which will reduce the fee amount.) A maintenance loan is a student loan, which you can apply for each year to cover your living costs. The total amount you can borrow depends on your family’s household income and where you will be studying and living. You don’t have to pay either of these loans back until the April after you’ve left university and are earning over £15,000. Interest is charged on the loan but is set at the rate of inflation. The amount you pay back each month will depend on your income. For example, if you graduated and began earning £24,000 per year, you would start paying £68 per month.

Non-repayable support

Alongside loans, there are grants, bursaries and scholarships available which, unlike loans, you don’t have to pay back. In 2008/9, full time students entering higher education in England can apply for a maintenance grant of up to £2835. If your household income is £25,000 or less, you will be eligible for a full grant, while those with a household income of between £25,000 and £60,005 may receive a partial grant.

All universities in England provide bursaries. Students who are eligible for the full £2,835 maintenance grant, and who are charged the maximum £3,145 fee, can apply to their institution for a minimum bursary of £310. Support varies across universities, so research on the web or contact someone in the university student services department to find out what they may offer.

Many universities, charities and businesses provide scholarships or sponsorship for academic achievement or for students studying specific subjects.

Gaining skills, earning cash

Many students work part-time during term time or in the holidays. This is an opportunity to gain valuable skills for the future, improve your CV, earn extra cash and meet people. If you are thinking of doing part-time work, you should consider whether you could get a job related to your course or future career? The average student works 12.5 hours a week but if you do a time-intensive degree like Medicine, you may have less spare time. It’s important to work out how many hours you could manage alongside your studies.

Time and money – what’s your balance?

Budgeting is not a word that excites the average student, however it’s not just about money, but understanding the demands on your time as well as your bank balance! Why not log on to UNIAID’s Student Calculator (www.studentcalculator.org.uk) and build your own lifestyle budget. With a bit of preparation, you will ensure that you experience at university is fun and prosperous, and proves to be a good investment (of time and money). Your university challenge will be to find a balance between your ‘M*A*S*H – Money, Academic, Socialising and Health. Are you up to the challenge?