The head of one university tells the story of a photographer at graduation asking the student to place a hand on her parent's shoulder, only to hear the riposte from the parent, "Wouldn't it be more appropriate to have a hand in my pocket!" It is an apocryphal tale but one which will ring true for many parents, given the financial support required these days. Going to university can be an expensive family business and student debt, a bit like a house mortgage, has become an accepted fact of life. That said, middle-class students are more likely to view debt from the low-interest student loans available as an investment – some have even been known to re-invest in ISAs – whereas many working-class students see it as a burden. Recent surveys suggest that, on average, students might expect to graduate with a debt of £15,000 or so, most of it in student loans, and it is likely that this level of debt will increase under the new system of student funding. However, this gives much more generous support for students from low-income families, and all UK and EU students, regardless of income, can take out government loans under very favourable terms to meet the total cost of any tuition fees they might be liable for. This support might also be supplemented by university bursaries and scholarships or by employer payments as part of their sponsorship packages.
The rules and regulations for Student Loans, Maintenance Grants and other supplementary payments (for disabled students, applicants with dependents, single parents, care leavers, and for some essential travel costs) are somewhat complicated and you are urged to click here for a country by country summary of the possible financial support available. You can also consult the relevant country website for the fine detail.
Muster all the resources you can lay your hands on!
You will need to muster all the resources you can lay your hands on unless you are one of that small band who has a regular private income. The vast majority of students have to rely on loans, savings, earnings from part-time/vacation work, overdrafts and the generosity of family and friends. The various loans, grants and bursaries available from the public purse are outlined in this section, but you will need a national insurance number to apply for them. Whilst they are intended to shift the onus of responsibility from parents to students, you or your family will no longer have to make advanced, up-front payments towards any tuition fees. The table Financial support & family income summarises the position.
Apply for a student loan and other government finance as soon as you can (see Loans & grants timetable). Your money may not be available at the start of your course if you wait until you have a confirmed place. Simply quote the course that you are most likely to attend and inform your student finance provider of any changes later. You can simplify and quicken the process by allowing UCAS to share some of the information on your application (personal details and course choice) with your student finance provider. However, the service is not available in Scotland.
Most of the financial figures quoted in this chapter cover new undergraduate entry to full-time university courses in 2009 (with the 2008 figure in brackets).
The UK Parliament introduced the new system of funding for students entering the English universities in 2006 and this has had a knock on effect in Scotland, Wales and Northern Ireland. The dust has settled and if you are planning to go to university in 2009, the situation is quite clear if still rather complicated. We will try and keep it simple . . .
