- To have a minimum socially acceptable standard of living, a student needs £61,000 over the course of a three-year degree, or £77,000 if studying in London – all excluding fees.
- First-year students face higher costs than other students, due to one-off ‘setting-up’ costs (eg buying a laptop) as well as ‘settling-in’ costs (such as freshers’ week activities).
- For students in England, the maximum annual maintenance loan available to people from low-income households is £10,544 – this covers just half the costs faced by freshers.
A new report from HEPI, TechnologyOne and the Centre for Research in Social Policy (CRSP) at Loughborough University shows how much first-year students need for a minimum socially acceptable standard of living that covers the basics and allows full participation in university life.
The Minimum Income Standard for Students is based on focus groups with students in university cities. These were used to price up a minimum basket of goods and services for students.
The report focuses in particular on first-year students in Purpose-Built Student Accommodation, such as halls of residence, but the results can be used to calculate the total costs of a full-time degree.
