Will student finance cover the cost of living in London for university?

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SmartUnicorn
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So I'm quite set on going to London Imperial or UCL for university but my friend told me not to do it as I won't be able to afford to live in London (as it is an expensive place) and I'd be better off going somewhere else where I can afford it. The thing is I just really want to go to London for university as it's on my bucket list to have lived in London at one point in my life. Would student finance and a part time job be able to cover it or do student finance only give a set amount to every student without considering the areas economic prices? My cousin goes to a university in a small town which is quite cheap to live in, would student finance give me the same amount as they would have given him even if I live in a city which is more expensive? (he's also doing the same course I'll hopefully do)

thankyou ♡
Last edited by SmartUnicorn; 3 weeks ago
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PetitePanda
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If you go to a uni in london, you will get a higher maximum limit and you will get more money. You can get a rough idea on this: https://www.gov.uk/student-finance-calculator
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ReadingMum
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You do get more but you will need it.
When my daughter was considering a london college we looked at the uni accommodation. One set of halls (for which she was not a priority) was £8,376 per year self catering and the other (that she was likely to have to stay in) was £10,403 also self catering. The maximum maintenance loan in London is £12,010 so that would have left less than £1600 a year for all food, books, travel, entertainment, sport, everything else. Impossible numbers.
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SmartUnicorn
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(Original post by ReadingMum)
You do get more but you will need it.
When my daughter was considering a london college we looked at the uni accommodation. One set of halls (for which she was not a priority) was £8,376 per year self catering and the other (that she was likely to have to stay in) was £10,403 also self catering. The maximum maintenance loan in London is £12,010 so that would have left less than £1600 a year for all food, books, travel, entertainment, sport, everything else. Impossible numbers.
yikes so should I take a second job along with some odd jobs or just go to a different university as I can't ask anyone for money
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ReadingMum
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Do your own research - the accommodation fees are all publicly available. It is probably cheaper in private accomodation but I was not happy with my daughter going straight into private in Camden. She would only have got the minimum maintenance loan so I would have to have topped up the rest. Thankfully she has offers elsewhere - phew!
I think you would have more fun living in London once you are earning and are able to afford to take up some of the opportunities on offer.
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londonmyst
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Do you have savings, an additional source of financial support to the student loan or access to free accommodation in London?

Studying in London, you will receive a higher maintenance loan.
But accommodation costs, basic living expenses, travel and extras like nightlife/takeaways are all very expensive.

I've studied in London for the last seven years, undergrad and postgrads.
London life is amazingly vibrant with almost constant opportunities to see, do and learn so much.
But students with limited/no addition funds to the maintenance loan usually have to live on a strict weekly budget.
Plus have some part time work during term time as well as over the holidays.
Or risk accumulating a lot of extra debt in terms of credit cards, overdrafts and payday loans.
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