Accommodation and other living costs

There are a number of things to take into account when one is working out his/her living costs. Living costs for full-time students include:

· accommodation – this is likely to be one’s single biggest expense if one is living away from home;

· food;

· household bills – gas, electricity, water rates, phone, TV licence, contents insurance;

· clothes;

· travel;

· socialising;

· leisure and sport;

· study costs – such as books, materials and field trips for one’s course.

As well as Student Loans, one may be able to get a Maintenance Grant or Special Support Grant to help with accommodation and other living costs. One won’t have to pay this back.

Grants of up to £2,835 were available for 2008/2009.

Students can also receive a bursary (scholarship) – a monetary award made by an institution to an individual or a group to assist the development of their education. There are two types of bursary awarded by institutions (such as universities). The first is a means-tested (need-based) bursary which is available for all students whose parents earn under a threshold value per year. It is often given out using a sliding scale, with people at the lowest end of the scale getting a full bursary, and the monetary award decreasing in value with proportion to the parental earnings.

The second type of bursary is one based on performance – a scholarship (merit-based scholarship). These awards are generally given for good performance in the exams preceding university/college entrance, where the student gets grades above the standard entry. These can be awarded by the university, or sometimes by companies.

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