University could cost more than £65,000

16 August 2012

Students may now have to fork out more than £65,000 for their university education, as a result of higher tuition fees and the rising cost of living.

People studying in London will have to pay a massive £65,504 for their education, while students in the rest of the UK will have to pay £53,330, according to a new study by insurance provider LV=. 

The cost includes everything from tuition fees to accommodation and food.

Unsurprisingly, the highest cost for students enrolling this year will be tuition fees, which are now hitting an average of £8,770 a year.

Accommodation is the second most significant single cost at around £4,000 a year.

In addition, £5,000 will be spent on leisure, utility bills, travel, food and books.

Financial burden

According to the LV= study, one in five parents will bear the whole financial burden, while 21% have no idea how they are going to fund their child's further education.

"Because of the increasing cost some parents may find that despite having saved for this stage in their children's lives, they are uncertain whether it will be enough to cover the cost of attending university," says Mark Jones, head of protection at LV=.

In contrast, Scottish students will pay just  £23,216 for a degree in Scotland – around £24,000 less than other British students.

Students in Northern Ireland and the North East follow Scotland with the lowest regional costs of university.

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