Cost of attending university expected to rise by £5,000 this academic year, study finds | Personal Finance | Finance

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The cost of attending university is expected to rise by £5,000 this year, thanks to the cost-of-living crisis, according to research. The average student predicts they’ll be spending an extra £411.58 a month this academic year, compared to the previous year.

A poll of 500 undergraduates found 85 percent are worried about how they will afford the upcoming term.

A mobile phone, laptop, and desktop PC equipment are the top items students need – but 71 percent are unsure how they’re going to produce the funds.

And 75 percent think they’ll have to resort to their savings, while 67 percent will rely on credit cards to help get them through the year.

The research was commissioned by eBay, which has launched a Back To Uni hub, offering students up to 50 percent off university must-haves.

Mark Monte-Colombo, head of refurbished technology at eBay UK, said: “Students are already known for being “skint”, but it’s worrying to think about how the rising cost of living is impacting their lives and education.

“We want to do whatever we can to help – so we’re raising awareness of the savings to be made by shopping refurbished tech, or by choosing discounted homewares, from our Back To Uni hub.

“The hub is designed to help student budgets stretch a bit further, while making sure they don’t miss out on top brands.”

Beyond tech, textbooks (28 percent), travel (28 percent), and food shopping (27 percent) also made the list of things students need, but will struggle to afford.

However, it was found that 54 percent of students receive money from their parents to help with their costs – with the average monthly amount being £383.01.

Despite this, 63 percent would consider moving to a university closer to their parents’ house, just so they could save some money.

And more than half (57 percent) of undergraduates have a maintenance loan to help with living expenses – but 42 percent said their loan doesn’t quite cover the costs they need it to.

Budgeting (18 percent), managing their workloads (16 percent), and being far away from family (12 percent) were among the hardest things about being a student.

But 87 percent said they would consider buying a refurbished piece of technology, such as a laptop or tablet, for their studies.

The main reasons for this include to save money (64 percent), and because it’s better for the environment (35 percent).

And of those who took part in the study, by OnePoll.com, 62 percent said they probably wouldn’t have gone to university if they had known how expensive it was to be a student.

The Back To Uni hub is running until September 9th, and students can get deals on desks, chairs, kitchenware, and bedding.

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