Understanding tuition fees
Planning to study in the UK? One important factor to consider is how much a degree costs. In this article, we'll break down the average cost, provide information on the latest tuition fees for 2023/24, and give you a clear picture of how much it costs to study in the UK.
Average cost of a degree in the UK
When it comes to the average cost of studying in the UK, it can vary depending on the higher education provider, the course and the mode of study.
UK student tuition fees for 2023/24
For undergraduate courses, you can expect to pay between £9,000 and £9,250 per year for tuition fees as a UK student. The UK government limit for undergraduate course tuition fees is £9,250 per year, and no changes will be made to this limit until 2024.
There's no limit on UK tuition fees for postgraduate courses, and some can cost upwards of £20,000 depending on the degree provider and the course.
At LIBF we offer affordable online degrees. Our online undergraduate degrees are just £6,935 a year, and our online master's degrees are just £9,750 in total. Plus you can save up to 10% on self-funded tuition fees if you pay in advance – whether you're studying full or part-time.
Living and accommodation costs for on-campus study
As well as tuition fees, you'll need to consider the cost of living while studying, such as student accommodation, food, and transportation.
According to the NatWest Student Living Index 2023, the top 5 average living costs for students (by month) are:
average rent: £591.9
supermarket shopping: £109.57
eating out: £37.53
transport visiting home (during term time): £36.67
household bills: £34.48
It's important to note that the cost of living can be heavily influenced by where you choose to study. For example, the NatWest Index reports that London-based students spend an average of £840.30 a month on rent, while students in Bournemouth spend an average of £140.90 a month on supermarket shopping.
Living and accommodation costs for online study
If you choose to study your degree online, chances are your cost of living won't change dramatically once you begin your studies. Online degrees allow you to study from your home – all you need is a laptop or tablet to study on, and WiFi.
At LIBF, we even help offset the cost of studying one of our online degrees by providing our UK students with a free iPad – which is yours to keep once you graduate. All your other study materials are available via your virtual learning environment on your iPad.
Additional expenses
In addition to tuition fees and living costs, there can be additional costs associated with degree study in the UK. These can include textbooks, study materials, specialised equipment or clothing for certain courses, and extracurricular activities.
You should budget for these expenses to have a complete understanding of the total cost of studying for a degree in the UK. At LIBF, all your course materials can be found in our mobile-friendly virtual learning environment.
Student finance loans
Many students rely on a student loan to help cover the cost of studying for a degree. There are several student finance loans available for UK students.
Undergraduate tuition fee loan
Student tuition fee loans are available to eligible UK undergraduate students. The tuition fee loan covers the full cost of your undergraduate tuition fee and you’ll only start repaying the student loan once you’ve graduated and are earning over a specified amount.
You need to apply for your tuition fee loan from your home government, based on the country you live in before you begin your degree:
The tuition fee loan is paid directly to your degree provider and doesn't cover living costs. However, if you're a UK student studying an on-campus course in the UK, you can also apply for a maintenance loan from your home government. Maintenance loans are designed to help you focus on your studies, by supporting the cost of living in the UK.
Postgraduate Master's Loan
Scholarships, grants, and bursaries are also available from various sources, including universities, higher education providers and charitable organisations. It's always a good idea to research and explore all the financial support options that may be available to you.
As with the undergraduate tuition fee loan, you should apply for your tuition fee loan from your home government, based on the country you live in before you begin your degree.
Scholarships and financial support
Scholarships, grants, and bursaries are also available from various sources, including universities, higher education providers and charitable organisations. It's always a good idea to research and explore all the financial support options that may be available to you.
If you're planning to study a distance-learning master's degree with LIBF, we offer funding support in the form of two postgraduate scholarships of £1,000 and a Hardship Fund is available for undergraduate students experiencing financial difficulty while studying with us.
Planning for the cost of studying
Planning and budgeting for expenses is important to ensure financial stability during your studies.
Budgeting for your degree
A good place to start is to create a detailed budget that includes all your expected costs, such as tuition fees (if you're self-funding your degree), study equipment, accommodation, food, and transport. Look for ways you can potentially save money, such as house-sharing instead of private accommodation.
It's also important to set aside some emergency funds for unexpected costs. By being proactive and organised with your finances, you can make the most of your university experience.
Budget for your lifestyle
Outside of expenses associated with degree education, it's important to also budget for your lifestyle. Do you benefit from your monthly gym membership? Could you be saving money on your mobile phone bill or taking advantage of student discounts on streaming services?
Studying and working
Some students in the UK support their studies with a part-time job. According to the NatWest Student Living Index 2023, students earned an average term-time income of £133.50 from their part-time job – which can make a huge difference if you're looking to earn extra money while studying.
While part-time jobs can be a great support for full-time students, it's important to prioritise your studies where you can, to make sure you get the most out of your investment. To support a healthy work-life balance, many degree providers also offer part-time degrees that can be studied over a longer period and are better suited to you if you have other work commitments or a family.
Affordable, online degrees at LIBF
At LIBF, we truly believe that nothing should hold you back from achieving your dreams. That's why we offer flexible and affordable online degree courses that provide the same level of quality education as traditional higher education providers – at a more accessible cost.
Whether you're a busy working professional or an ambitious student, our courses are designed to fit your life and allow you to learn at your own pace. You can start any day and study full or part-time. So why wait? Take control of your future today with LIBF.
FAQs about the cost of a degree in the UK
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