Total cost of university set to hit £53,330 per student
15 August 2012 | Press release
- University tuition fees hit an average of £8,770 a year
- Cost of accommodation biggest burden after fees
- Students at London universities(1) will pay £12,174 more than the average
- One in five (20%) parents will foot the entire university bill for their children
The total cost of university for students starting this September is set to hit an average of £53,330, according to the new Cost of University study from protection specialist LV=(2). Aside from average tuition fees of £8,770 per year (£26,310 for a three year course), parents and students footing the bill will spend an average of nearly £12,500 on accommodation and over £4,300 on food over three years. Essentials such as household bills, books, and travel expenses also escalate the total cost of attending university dramatically.
One in five (20%) parents who currently have children under 18 say they intend to foot the total bill for their children to attend university, with a further 28% of mums and dads expecting to help fund part of the cost. Just 9% of these parents say their children will be funding their further education unaided. However 21% expect their children to attend university but admit they have no idea how the cost will be funded.
Table 1: Average spend on university essentials per year and total over a three year course
Categories | Average spend per year | Average per three year course |
|---|---|---|
Tuition Fees | £8,770 | £26,310 |
Accommodation | £4,159 | £12,478 |
Food | £1,440 | £4,319 |
Leisure (social activities; music/films; includes alcohol consumption) | £1,311 | £3,933 |
Gas/Electricity/Water | £616 | £1,233 |
Clothes | £396 | £1,189 |
Books, equipment | £344 | £1,032 |
Travel | £332 | £996 |
Laundry/toiletries | £241 | £724 |
Travel home | £151 | £454 |
Household goods | £135 | £405 |
Insurance | £129 | £258 |
Total | £18,024 | £53,330 |
Scottish scholars staying put save on fees
Scottish residents are not required to pay tuition fees if studying in Scotland, so spend a lower average of £23,216 over three years(3). This is compared to an average cost of £47,516(4) for non-Scottish students attending university in Scotland who will pay tuition fees. Students at Scottish universities pay less in general for accommodation and living essentials than their peers at universities further south, for example attending university in London totals a mammoth £65,504 on average.
Table 2: Regional costs of university
Region | Average cost of university for three years based on categories in table 1 |
|---|---|
London | £65,504 |
South East | £56,653 |
South West | £54,625 |
West Midlands | £53,969 |
North West | £53,812 |
East | £53,589 |
Yorkshire and Humberside | £52,672 |
East Midlands | £52,376 |
Wales | £51,764 |
North East | £50,324 |
Northern Ireland | £48,349 |
Scotland (non-Scottish students) | £47,516 |
Total average | £53,330 |
Average cost of university regionally
Cost driving down numbers
One in ten parents with children under 18 (11%) say that they do not expect them to attend university. Nearly a quarter (24%) of this group say this is due to the rising cost, while 14% say that their children do not need to go to university for the type of job they want to do.
Mark Jones, LV= Head of Protection, said: “The huge cost of attending university makes it a massive financial commitment either for parents or students themselves. Because of the increasing cost some parents may find that despite having saved for this stage in their children's lives, they are uncertain whether it will be enough to cover the cost of attending university.
“Although the cost of university may seem daunting for parents, discussing their financial situation with a professional adviser can make a big difference. If parents are planning on helping their children cover the cost of university it is wise not only to look at the savings they expect to have in place, but also discuss the need for life cover and income protection which can provide invaluable financial security for families should circumstances change.”
Notes to editors
The LV= Cost of University study was constructed through an online omnibus survey between 18th to 20th July 2012 by Opinium Research on behalf of LV= (total sample size was 2,010 UK adults over the age of 18), as well as desk research on the cost of university undertaken between 18th – 27th July 2012.
Desk research - Opinium identified top 40 regional universities and analysed public information on fees, living costs, expenses and accommodation.
Total academic year / term = 39 weeks/ 9 months
- Average total cost of university in London over three years (£65,504) – UK average cost of university in the UK (£53,330) = £12,174
- Average total cost of a three year course at university calculated by OPINIUM RESEARCH in July 2012 = £53,330.
- Scottish degrees typically run for four years so, over the four year period, Scottish students will pay £31,060 in living costs. #
- Non-Scottish students will pay £55,360 to attend a Scottish university. Although Scottish degrees typically run for four years, fees are capped so students only pay for the first three years, at an average of £8,100 per year, plus £31,060 in living costs.
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