When a student goes to the university their entire life changes. they are stepping into a life where they feel independent. but with independence, there comes the price sent during study at the university. There are a lot of parents who do get confused while deciding how much they should contribute to their students. This article will guide you about how much the university costs parents.
On average, your parents will be spending 5000 euros. However, it will vary with the university your kid is going to and on if you are having a loan or not. Further, we have discussed the cost that you may have to take if your student is going to the university.
How Much Does University Cost Parents?
In most cases, the parents of the student would like to spend an average amount of 5000 euros and the rest of the cost is easily available from the government as a maintenance loan. But the loan amount varies depending on factors like the student’s household income, the location where they live, etc. In short, it means that if the financial condition of the student is good their parents should expect to contribute more to it. But it will depend upon the university degree.
The approx cost of the tuition fee for an undergraduate degree is considered to be 9250 euros per year. And almost all the courses in the university are for 3 years so the tuition fee for the student will be around 2750 euros over the three-year undergraduate degree. But the parents can take back this fee from the government by applying for government loans. The average amount spent by residents on annual rent is around 5 to 6000 euros, with a total spending of 15000 to 18000 on accommodation in 3 years of the degree.
How much do the parents have to contribute towards the education of the child in university?
There are many students who apply for maintenance loans so that they can recover all the fees from the government. But the Government Loan or the maintenance loan offered by the government is received by the child which is having a low household income. And the student who receives fewer maintenance loans will get assistance from their parents. Therefore you must know what is the cost of studying in the UK especially if you are an international student.
So approximately, parents have to spend around 5-4000 on their children across 3 years of the undergraduate degree in the university. As there may be some parents whose final situation is very good they will help the student to contribute to the cost of the university but there will be some parents whose Peninsular condition is not good by which they would not be able to contribute to the cost of University.
What are Maintenance Loans?
While going to a University the main source of money for you is the maintenance loan which is provided by the government and is paid directly to your Bank in three installments in a year. But the amount of the loan does vary depending upon factors like the living standard of a family and the household income.
If you are having a household income that is less than 25000 Euros, you will receive a full maintenance loan from the government while a student who is having a household income greater than 25000 Euros will receive a less maintenance loan. So the family income and the maintenance loan have a direct link between the families and it will decide if the parents have to pay for the student university or not. The average maintenance loan given by the government of the UK is approximately 6850 euros.
What if Parents are not able to Pay?
The maintenance loan is not enough for the student as their parents have to spend on transport food etc. And if the parents are not able to pay this fee, the only way by which students could pay the fee is by finding a part-time job. As part-time jobs are considered to be time-consuming and it will cause the student to fall back on their studies also but they don’t have any other option. If the parents are not able to pay the student can also check for any financial scholarship given by the University.
Should the student Take a Private Loan?
There are many loans provided by the banks that seem to be very high interest but it only has short-term benefits. As if parents take a loan for making their children study with a high rate of interest it will be a very big step and have serious implications. The student should avoid getting private loans. Instead of that, they can ask their parents for financial support or they can also find a different way of earning money but taking a private loan should be considered as the last option.
The cost of the amount spent on a degree of University varies from Universe to University but the average amount which is being spent at a university is about 5000 out of which is covered by the Government Loan. Students should avoid taking private loans.