The True Cost Of Going To University Is £75,000, MoneySupermarket Claims

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TRUE COST UNIVERSITY
The "true costs" of university have been revealed | Alamy

The cost of going to university will leave you more than £75,000 out of pocket, research has revealed.

A survey published on Wednesday claims the figure as the "true cost" of doing a three-year degree at university.

The people over at Moneysupermarket.com sourced the data from 31 universities across the UK and took a look at what students could be missing out on if they had been earning a living wage.

According to the money gurus, those studying at university are missing out on a potential £9,063 every year, totalling £27,190 over the length of a three-year course.

What many students fail to factor in is additional costs such as travel, books, accommodation and phone bills, which equate to around £194 a week, £6,984 a year, and £20,952 over three years.

university costs

If finance is dictating your university choice, it may be helpful to take a look at average student budgets across the UK. Students at City University, London, budget £241 a week, while Cardiff students budget a mere £153.

Along with pointing out the costs of university, the survey reveals the cheapest - and the most expensive - university cities. Edinburgh University ranks number one for most expensive accommodation, with John Burnett House at Pollock Halls charging a whopping £231 per week. For those preferring to live in the lap of luxury, you won't be disappointed; the price includes five breakfasts per week, with "brunch" at the weekend, dinner every night, an en-suite "superior single room" with a lounging area - oh, and all you can eat, all the time.

By contrast, Cardiff boasts the cheapest, with accommodation costing a mere £55 per week.

Putting housing to one side, food bills are the ones to leave the largest hole in your pocket. Students at Exeter University have the cheapest shopping basket, spending £20 a week on food, while their York counterparts have to fork out more than double, spending £55 a week.

university costs

Food and clothing expenditure for students at university is broken down; Bristol is most expensive for clothing at £16 per week, while Aberystwyth comes cheapest at £6 per week.

The figures are an estimated minimum cost of studying at a UK university and will vary depending on the course, your lifestyle and whether you are entitled to any financial support.

"It also depends on the kind of job you could get without a degree," the MoneySupermarket advisers add. "All in all, getting a degree is very expensive. What you need to think about is whether the course you choose is going to get you where you want to be. It is also important to consider whether the non-monetary value of having a higher education outweighs the financial costs."

SEE ALSO:

HuffPost UK's Student Finance Page

The Money Saving Tips You Need To Know

How To Reduce Your Student Bills

The Best And Worst Paying Degrees Revealed

The Best Student Bank Accounts

For the full infographic and survey results, visit MoneySupermarket.com

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