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This September, the average student graduating from an English university will have £44,940 of debt. Fees are £9,250 a year, plus maintenance costs – the average student rent is more than £500 a month – and the interest on student loans is an eye-watering 7.1pc.
What’s worse, changes to the terms of new “plan 5” loans means that many students will be paying 50pc more as a result – with some paying twice as much as under the old pre-2023 system, according to Moneysavingexpert.com
But there is a way out, although it might involve a short flight.
Going abroad to study is one option for cutting your costs. Undergraduate fees vary significantly between countries and funding options including the possibility of grants or scholarships mean students have the opportunity to reduce the cost of securing a degree.
On top of potential cost savings, living overseas often enhances the university experience. Providing students with the opportunity to explore further afield, and experience new cultures and languages.
Here Telegraph Money takes you through some of the most popular destinations UK students choose to study, a little farther away from home.
Ireland Although the UK is no longer in the European Union, under the Free Fees Initiative Ireland’s Higher Education Authority pays tuition fees for UK students studying in the country.
However, there are some costs that come with studying in the Republic. Students will probably have to pay an annual contribution fee that can reach as high as €3,000 (£2,500) a year, although these vary between universities and are still considerably cheaper than the UK’s fee cap of £9,250.
Courtesy: Story by Fran Ivens - The Telegraph/msn.com 27.08.23
On top of this there are, of course, cost of living considerations. University College Cork, in the south of the country, estimates rent, food and other expenses are likely to total between €1,240 and €1,880 (£1,060- £1,606) a month.
In the capital, University College Dublin suggests a monthly budget of €1,388 - €2,695 (£1,186 -£2,303). Rent is extortionate with the national police force recently issuing a warning about housing scams taking advantage of the shortage of rental accommodation.
A further cost consideration for those studying abroad will be the flights home and, again, here Ireland has an advantage.
Regular flights go between the Republic and the UK, including by low-cost airlines who offer deals as cheap as £20 for a one-way ticket, plus ferry and bus services run both to Northern Ireland and mainland Britain.
Funding the study may be trickier. Those going abroad are not able to access funding from Student Finance and will need to rely on other means. Some universities may offer bursaries or scholarships but provision will vary from institution to institution and are in no way guaranteed.
Germany Germany attracts nearly 400,000 international students a year, with part of the appeal owing to its free tuition.
The country also offers government and non-government funded loan schemes for international students – some with low interest rates – making the move to Europe even more attractive.
However, these cannot be guaranteed and a student visa for the country, a necessity now the UK is no longer in the EU or EEA, still requires applicants to show they have adequate resources available to pay their living costs while studying.
