Claiming a place at university isn’t just about getting the grades. Before you get started with your degree, there’s also the financial side to consider.

With tuition fees, rent, bills and day-to-day living costs all in the mix, the numbers can quickly look significant.
 
So if you’re wondering how you’ll afford it all – and perhaps feeling confused about the finer detail of student loans – you’re certainly not alone.

We spoke to Harry Ward, higher education adviser at UEA, to find out more about where your money will need to go, as well as your options for funding your time at university.

For most students, the two biggest costs of a university degree are the fees for tuition and accommodation. 

Tuition fees are the cost of your course. The amount you’ll be charged depends on where in the UK you’re from, where you’re going to study and the year in which you’re starting your course. Tuition fees for courses starting in 2023 are as follows:

• England
  Students from England will pay up to £9,250 a year, no matter where in the UK they’re studying. 
• Scotland
  For Scottish students, it’s free to go to university in Scotland but will cost up to £9,250 a year in the rest of the UK. 
• Wales
  Welsh students will be charged up to £9,000 a year in Wales and £9,250 a year in the rest of the UK.
• Northern Ireland
  Students from Northern Ireland will pay up to £4,710 a year to study in that country and up to £9,250 a year in the rest of the UK.

But the most important thing to consider here is that most UK students will not pay these tuition fees up front. Instead, the fees are covered by a tuition fee loan (more about these in a moment). 

You also won’t repay any of that tuition fee loan until some point after you’ve graduated. All of which means the biggest bill you'll be paying while you're actually at university won't be anything to do with your tuition fees. It's most likely to be your rent for accommodation. 

Again, you may be eligible for a loan to help cover at least some of this cost. These maintenance loans are intended to cover your day-to-day living – including your rent – but the amount you get will depend on your individual circumstances.

An easy way to find out what you may be eligible for is to use the government’s student finance calculator.  

For most people, the available loan won’t be enough to cover all of your rent and living costs. 

This is where many students find they need to look for part-time work to supplement their income. We’ll look into that option in a moment, but first let’s take a closer look at those student loans…

If you plan to study full-time at a registered college or university and you’ve lived in the UK for at least three years before starting your course, you should qualify for a student loan.
 
There are two parts to the loan: a tuition fee loan and a maintenance loan. A tuition fee loan will usually be paid directly to your college or university to cover your fees. 

The maintenance loan is paid into your bank account, and it is meant to help you out with the cost of living while studying. You will have control over day-to-day spending of this loan, so it is important to budget carefully.

Although this is a loan, many people will never fully pay it back. For those starting university in the academic year 2023/24, any remaining loan balance will be written off after 40 years. 

Your repayments will start once you are earning more than a certain amount (for 2023/24, this threshold is £25,000). Your loan repayments are set as 9% of everything you earn above that threshold.

Scholarships, bursaries and grants can provide students with additional financial support. They could be awarded by the university or college you’re attending, the government, or perhaps a charity or specialist society. Most importantly, these are not loans - this is cash that you do not pay back.
 
“We strongly encourage all prospective students to familiarise themselves with the scholarships and bursaries available to ensure you are accessing all streams of financial support available to you before you start at university,” says Harry.

There are hundreds of scholarships, bursaries and grants available around the UK – and every year many of them go unclaimed. So, even if you don’t think you would qualify for one, it’s worth doing a bit of digging just in case. 

Scholarships are typically given out by your university or college. To qualify for one, you’ll usually need to demonstrate an outstanding skill or achievement. 

“At UEA, we have a number of excellent scholarship options, which are not means-tested and open to all eligible students,” says Harry.

“These include scholarships for students who play sports or music worth up to £3,000 in cash and support, payable over three years, and open to all new UEA undergraduates.

“The awards and scholarships are intended to encourage the recipients to continue to nurture their talent alongside their academic studies.”

Bursaries are usually awarded automatically based on students’ financial needs, so you won’t need to put in an application for these.  
 
“Bursaries are offered to support students based on household income or social factors,” says Harry. 

“Students do not need to formally apply for university bursary support. All UK students are automatically considered using household income information received from Student Finance England. 

“Eligible students will be contacted from the September of the course start date. Bursaries cannot be combined - but you can receive both a university bursary and a university scholarship if eligible.”
 
As an example of the kind of bursary you could receive, UEA is offering students the following for 2024/25 entry:

Grants are usually offered by charities or trusts to help students who, for example, might come from a low household income background or who have a particular disability. 

These are not automatically awarded, so you will have to seek them out and apply for them.
 
Examples of these include the Disabled Students’ Allowance, the Childcare Grant/Parent’s Learning Allowance and Adult Dependents’ Grant for those with caring responsibilities,

“The NHS Grant is an excellent resource for those studying health and social care courses,” adds Harry.  

More information on eligibility and the application process can be found via the relevant providers’ websites.

One way to get extra cash as a student is to pick up a part-time job. In this case, you’ll need to consider how this might impact on your ability to prioritise your uni work.
 
For Molly Good, a biochemistry student at UEA, the ideal solution was to get a job at her university.

“I didn’t start working alongside my studies until my second year of university when I became a student ambassador at UEA,” says Molly. 

“I would highly recommend finding a part-time job on campus if possible as your shifts will be more flexible to fit around lectures and your employer is going to be more understanding of your other commitments.” 

If jobs on campus aren’t available, another option is to look at focusing your part-time work on particular times.
 
“I worked much more during summer and then scaled it back once term began in order to focus on my studies and because I had much less free time,” says Molly.

“You could also work on weekends as this does not interfere with scheduled lectures, however you have to be careful to make sure you still get some rest days if possible.”

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