Students heading to university in London can expect to spend an average of £13,935 a year on living expenses, according to research by online student letting specialists StudentTenant.com.
Expected costs
According to StudentTenant.com, students can expect to spend the following for higher education in London on average:
Accommodation in London: £9,600 a year (£28,800 over three years)
Utility Bills: £480 a year (£1,440)
Food and Drink: £1,860 a year (£5,580)
Travel in Zone 1 (subsidised 30% with a student oyster card): £1164 a year (£3,492)
Household Essentials: £376 a year (£1,128)
Books and Equipment: £344 a year (£1,032)
Contents Insurance: £129 a year (£387)
Total Cost: £13,953 a year (£41,859 over three years)
However, under new plans rolling out this academic year, students will miss out on non-repayable maintenance grants, and financial assistance for lower income households will be converted into loans with interest. Students from poorer backgrounds no longer have the freedom of applying for grants up to £3,387 a year, and will have to find other means of financing their higher education.
Instead, all students now require maintenance loans to cover living costs whilst at university. The maximum annual student loan currently stands at £11,002 for students studying in London, and living away from home. The maintenance loan should subsidise the cost of living at university, food and drink, entertainment and travel, and is due to be repaid once the student is earning over £21,000 at 9% of their annual income.
Danielle Cullen, Managing Director at StudentTenant.com thinks the plans will widen the gap between rich and poor students. She comments, “The plans to scrap maintenance grants is yet another move to strengthen the gap between the rich and the poor. It’s going to be interesting to see a demographic breakdown of students heading to university this year, and how those students who cannot get the financial support from parents are going to afford the cost of living.
Unfortunately, it looks like some young people are being exploited when it comes to higher education. Students are being trapped into debt with plenty of extortionate interest accruing on top of it all. All we’re seeing is the government increasing the costs of university, and removing free financial aid for poorer students to cripple those from poorer areas.
Obviously, students should do what they can to save money; walk to university, visit the library instead of purchasing textbooks, and find cheap accommodation. It’s really important to have the right balance, and save money where possible as university is so expensive.”