What to do if you’re worried about the cost of university

Going to uni is an incredibly exciting time in your life, but there are plenty of expenses to consider. Accommodation, food, transport, socialising…it’s only natural to feel unsure about how you’re going to afford it all. 

To help give you a steer we spoke to Ruth Round, applicant support manager at the University of Wolverhampton. In this article, she shares some tips on making the most of your money at university – including things you can do right now.

Where you go to university can make a hefty difference to your monthly outgoings. “Some areas of the country are more expensive than others,” says Ruth. “It’s important to do your research and find out how much an average student can expect to pay.”

Make a start by looking at accommodation costs. Rent is likely to be your single greatest expense if you’re moving away from home for uni. Most people will pay for this from their maintenance loan – so any saving you can make here will leave more money available for other things.

When you’re choosing where to apply to university, try looking at rental averages in that area to get an idea of likely costs. 

It can make a big difference. In Wolverhampton, for example, the average cost of university accommodation is £100 cheaper per month than the national average (The National Student Accomodation Survey 2023). 

Location can also have an impact on everyday living costs. In October 2023, Wolverhampton was 28.5% cheaper than London overall, according to comparison website mylifeelsewhere.com. 

The same research showed a basic restaurant meal with a drink is 35.3% cheaper in Wolverhampton than it is in London. 

For those who will live at home and commute to class, travel to and from university could be a key cost. If you’re considering more than one university, check how the commuting costs compare – you may find that some journeys are more affordable than others.

When you’re looking at those rental costs, private rentals can seem like a cheaper option than halls. However, that ignores some hidden costs, advises Ruth. 

“Most students opt to live in university-owned halls of residence in their first year,” she says. “These can often look expensive compared to private rents but they do tend to include a lot more as standard. 

“Hall fees will generally include all utility bills (such as gas, electricity and water) and wifi and may even include basic contents insurance. If you rent privately then all these bills are normally in addition to the basic rent.”

Universities have a range of financial support available in the form of bursaries, scholarships and grants. You might be surprised by what you’re eligible for. 

“Many universities will offer scholarships and bursaries to students,” says Ruth. “Some of these will be targeted at specific students, such as for care leavers or for people competing at a high level in sport, and will require students to apply and provide evidence. Others will be for all students and will be awarded automatically.” 

You’ll be able to find more information about grants and scholarships on the university websites. For example, you can find out more about scholarships and bursaries available at the University of Wolverhampton here. 

“Most universities will also have a hardship fund for students who are in financial difficulty,” says Ruth. “There will be a set criteria and a form to fill in to ensure that everyone is treated fairly.”

When you’re getting ready to start university, setting a budget will help you plan your spending. 

“It doesn’t matter whether you use a spreadsheet, an app or paper and pen,” says Ruth. “Whatever works best for you; just make sure that you keep track of your money to make sure you don’t run out.” 

When you’re planning out your budget, bear in mind that student finance support is paid in three instalments: September, January and April. “Make sure you know how much money you will have each term and how many weeks it needs to last,” says Ruth. 

“Apply for your funding early and, when you receive your student finance notification letter, it will tell you how much maintenance support you will receive each term. 

“When you know how much your rent or travel will be each term then divide the remainder by the number of weeks until your next instalment. This is how much you will have to live off.”

Once you’ve done your budgeting numbers, you may well find a gap that needs filling. For many students, a part-time job is the answer. This can be a delicate balancing act to get right: Ruth has some practical advice. 

“There are no rules about how many hours you can work part time while you are studying,” she says. “However, you do need to make sure you have time to complete all of your university work. 

“Students who are studying a standard academic degree should aim to work no more than 15 hours per week during term time. 

“Any more than this and you are likely to risk missing deadlines and falling behind.

“For students on professional courses with placements, such as teaching, nursing and social work, you will have less time to commit to working alongside your studies.” 

Getting an on-campus job can be a great option for part-time work, as a university employer is likely to be sympathetic to your time commitments. 

“Many universities will have opportunities for students to work on campus, for example as student ambassadors at open days and other events,” says Ruth. 

You might also be able to get help from your university to land a job elsewhere. 

“There may be an option to sign up to a list of jobs outside the university and staff to help with updating your CV and preparing for an interview,” says Ruth. “These services are normally offered through the university’s careers service.”

Once you’re at university, there are things you can do to help save a bit of cash. For starters, don’t overlook the importance of student discounts. 

“Always ask if places offer a student discount,” says Ruth. “Many do and this can save you money on essentials and socialising. 

“Student discounts are available through the cards and apps such as the NUS Totum card, Unidays and Student Beans.”

Next, watch how much you spend on your meals. “Food can be another big expense so learn to cook, even if it is just basic recipes, and batch cook and freeze individual portions,” says Ruth.

“This will reduce the temptation to order a takeaway when you get back from a long day in the library.”

And when it comes to your course materials, “academic books can be expensive so use the university library as much as possible and, if you do need to buy a book, then see if you can get it second hand,” says Ruth. 

Ultimately, Ruth advises, “always shop around and compare prices before you make a big purchase, and ask yourself: Do I really need it?”

At the University of Wolverhampton, we put students first, encouraging you to "be who you want to be”. 

To help discover what that means for you, we provide the guidance, facilities and expertise you need. 

All photography in this article kindly supplied by University of Wolverhampton