Students underestimate university costs

Monday, October 17, 2005

Students underestimate the amount of money they will spend at the start of university, according to the Post Office.

A survey by Post Office Banking has revealed that just under half of students believed they would spend just £40 at freshers' week.

Only 20 per cent of students surveyed fell into the more realistic category of thinking £80 would be spent in that all-important first week, where spending soon adds up.

A statement from the Post Office said: "When you consider the expenses that could potentially rack up (including books, membership to clubs, food and going out, which can all add up to well over £100) students may find they need to do a little more homework when it comes to budgeting."

Over 60 per cent of students said that going to university would be their first experience of paying bills, leading the Post Office to stress the need for budgeting.

With top-up fees now being introduced around the country, the cost of being a student in the UK is now higher than ever before.

In August, government officials announced that it could take students who paid top-up fees 15 years to clear their student debts once they have graduated.