Eton, for example, the educator of no less than nineteen Prime Ministers, costs £28,000 per year. On average, according to the annual census of Independent Schools Council, the cost of private education in the UK is £15,000 per year for day pupils and £33,000 for boarders.
Further Education costs
First things first – the course fees. Universities in England, Northern Ireland and Scotland can charge up to £9,250 per year. Welsh universities can charge up to £9,000. For accelerated degrees, this can be up to £11,100.
Then there are the living costs. According to Which?, in their study from December 2018, the average costs when living away from home at university are as follows:
Rent – this is very difficult to calculate as it varies by region and landlord.
However Which? estimate that renting in London in private accommodation can average £533 to £770 a month (pcm), whereas in Leeds it can be £281 to £353 and in Liverpool £259 to £385.
For this exercise, let’s make a broad assumption that rent will be £400 pcm – after all most parents want a reasonable standard of accommodation for their children, in the best university town they can get.
What about other costs?
After rent, Which? calculate the following averages per month:
- Transport - £83
- Groceries - £67
- Utilities - £45
- Interests and hobbies - £36
- Clothing - £42
- Holidays and flights - £70
- Bank charges and fees - £17
- Takeaways and snacks - £24
- Phone and internet - £26
- Alcohol and cigarettes - £16
- Personal care - £10
- Coffee and tea - £20
- Other expenses - £20
So in total, we are talking about £876 per month. Over a 3-year course, based on being away for 8 months a year and adding in the course fees, that comes to £30,274.
There are many variables that we can throw in here, including that they may choose to live at home and go to a local university.
Smaller and more rural universities are likely to be cheaper and they may choose a two-year course, but equally they may go on to continue their studies further depending on the field they enter into.
There is other financial support available, including allowances, bursary, scholarships or an award from a university or college, however, as with all allowances and benefits, who knows what will be around in future.
What are the funding options?
Now that we know how much, what are the options for putting money aside? What on earth do people save into these days?
