How to minimise the biggest costs of going to university
Last updated:
14 August 2026
There’s no shortage of conversation about university tuition fees and how much debt many students go into to pay them off. However it’s less well known that, while student finance covers tuition fees for most students while they’re studying, the biggest upfront costs of going to university are largely not covered by loans.
Mind the funding gap
After fees, the biggest costs of going to university are - you guessed it - the essentials: accommodation, food, books and travel. Unlike tuition fees though, these costs aren’t covered by the student loan. Students and parents are often unaware that further support in the form of a maintenance loan or grant is issued on a means tested basis. The more parents earn, the less support they get to cover students’ essential costs of living. This loan is typically the only support widely available to parents for these costs.
The National Student Money Survey 2025Opens in a new window found that even the parents who earn the least – and received the maximum loan or grant – still give cash support to fund their children’s cost of living as they study, particularly students living away from home and studying in London. The average student receives £146 per month from their parents on top of all the finance they receive in order to cover costs.
If you’re a carer or going to university as a care leaver, find out the support available on UCAS(Opens in a new window)
How much will my maintenance loan or grant be?
How much you’ll get and the type of support available depends on where you live in the UK. Work out your maintenance loan amount, and check what other funding you may be eligible for at UCAS:
Costs of accommodation vs maintenance loan
The cost of living, such as rent for student halls or private accommodation, must be paid up front, unlike tuition fees, which are paid after graduation. Furthermore, students will need accommodation for only part of the year, but many private landlords will deal in 12 month contracts, leaving students paying for two or more months rent that they don’t need.
Accommodation costs can vary greatly by location:
- the average cost of room rental in London per month is £793
- the average cost of room rental nationally per month is £575.
According to this year’s National Student Money Survey, the maintenance loan covers on average £640 per month of living costs, but students spend £1,142 per month in living costs, leaving a gap of £502 per month for parents or carers to find, or for students to fund themselves.
The effects of stretched finances on students
According to this year’s National Student Money Survey, students are finding alternative ways to top up their finances – such as completing surveys (31%) or even taking part in drug trials (6%).
Even with part-time jobs or support from parents, it is still tough to cover costs. The survey found that:
- 58% of students said that they’d borrowed money to pay their rent
- 10% had used a food bank while studying
- 41% thought about dropping out of university due to money-related issues.
How to minimise costs of university
The vast majority of students surveyed wish they’d had a better financial education. If you’re getting your results this summer and hoping to begin studying in September, or if you’re currently studying, consider these options to bring down costs while you study.
Study from home
During the university application process and throughout Clearing, you can consider your options. Study from home on an online or blended learning course, which allows you to live at home and have a more flexible schedule so that you can balance a part-time job.
Study outside London
Costs can vary greatly in different locations - have a look around universities in areas where rent is cheaper.
Check the cost of accommodation
Check your university's website for typical costs and their accommodation policy. Start researching early so you can compare halls, private rentals and different locations to find what suits your budget.
Research hardship funds
Many universities will have funding for students in financial hardship - check university websites for qualifying circumstances or read our guide Financial support for further education.
Make a budget
Some university websites break down example living costs in the area. If you’re not sure yet what your costs will be when studying, you can plug the example figures from the university website into our Budget planner to help you get started.
Be cost savvy
From bills to socialising, you'll be responsible for your own everyday costs, particularly if you’re living away from home. If you’re prepared, you can find ways to save money or cut costs.
Use our University budgeting tips to help cut costs on books, transport and nights out, or read Paying your own way to find out what you’ll need to budget for when living independently.
Cut accommodation costs
If you’re moving away from home or already renting, use our accommodation tips to start or improve your university renting experience:
Budget planner
To help you manage your money, try our free and easy-to-use Budget planner
