Student living costs on the rise

Tue, 30 Aug 2011

Student living costs are on the rise and threaten to inflate the average student loan balance, new research shows.

According to data analysis by children's saving provider Family Investments, the monthly cost of being a student has risen by £42.56 over the last 12 months from £752 to £795.

Overall, the cost of student life has risen from £9,031 to £9,541, excluding the costs of new university tuition fees .

The figures show that rent is the largest single expense for students, with the average young person attending university spending £163 a month on accommodation - up from £156 a year ago.

Kate Moore, head of savings and investments at Family Investments, said: "Over the last six years, student living costs have risen by more than five per cent each year, significantly ahead of RPI in the same period.

"With increased tuition fees now on the horizon, the total cost of a degree looks set to change dramatically."

Meanwhile, new research from the Association of Investment Companies reveals that 21 per cent of students plan to apply to a cheaper university in order to lower their student loan repayment .
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