Keep costs on course

FIVE-MINUTE GUIDE TO... UNDERGRADUATE FINANCES HELP

- By Harvey Jones

LAST week’s A-level results day will have brought the usual cheers, tears and the frantic calls to clearing — and for parents and grandparents, a looming question about how the student finance system actually works.

With the cost of a three-year degree topping £60,000 once tuition and living costs are factored in, many UK families will find parental or even grandparental help invaluable.

Alice Haine, personal finance analyst at Bestinvest by Evelyn Partners, said tuition fees for an English undergraduate degree are up to £9,535 a year, while the maximum maintenance loan for those living away from home outside London is £10,544.

“As a result, a three-year degree could cost more than £60,000, which many students may feel is a lot of debt to take on,” Haine said.

How much maintenance loan a student receives depends largely on household income, with students from higher-income households typically getting less.