Is it worth it?
The answer from the vast majority of students and graduates is an emphatic "Yes!" On the purely financial side, someone with a degree typically earns significantly more than someone who hasn't gone into higher education, and is much less likely to be unemployed. The precise difference in pay varies according to which study you look at, but it is clear the earnings gap keeps getting wider over a working lifetime. One report, published by Universities UK in 2007, states that a graduate will earn on average £160,000 more than someone with two A levels over their working life.
What you can't put a price on is the experience of meeting all kinds of new people, trying new things and getting to know a subject that interests you inside-out. Your qualification will also help open doors for you, increasing your chances of finding a job that you really enjoy. Whether the investment in your education is worth it for you is down to the choices you make and your own determination to succeed. Being lucky doesn't hurt either.
Since 2006 universities and colleges have been charging top-up fees for their courses. For 2009 entry this is up to £3,225 a year. Most universities charge the maximum fees for bachelors degrees, whilst fees for foundation degrees tend to be lower. The fees for 2010 entry had not been set at the time of writing. Most students put off paying these fees by taking out student loans.
Money you pay back later
Students can take out two kinds of loans. The first type of loan covers tuition fees and is paid direct to the university or college. The second type of loan is for maintenance and helps cover your living costs. For 2009/10 these loans can be up to £4,950 for students living away from home and studying outside London. The amount you can apply for will depend on your income, your family's income and the level of any grant you may receive. It's important to remember that you won't have to start paying back the loan until you're earning over £15,000 a year.
Money you don't have to pay back
You may be able to get help with accommodation and other living costs through a Maintenance Grant or Special Support Grant. Maintenance Grants can be up to £2,906 for 2009/10. This money does not have to be repaid. Whether you qualify - and the level of grant you'll get - depends on your household income. Further info can be found on www.direct.gov.uk
Most universities and colleges now offer help for students from lower income households in the form of bursaries. Some also offer scholarships for high achieving students. Details of bursaries and scholarships and how to apply can be found on university and college websites and in their prospectuses. They can range from a few hundred to several thousand pounds it's definitely worth finding out what you might be entitled to.
Students with disabilities may be eligible for a Disabled Students' Allowance (DSA). This allowance is not means-tested and does not have to be repaid. DSAs are designed to help with the extra costs of studying that a student faces as a direct result of a disability or specific learning difficulty (e.g. dyslexia).
Students on some health and social work courses get extra help (e.g. students on the DipHE Adult and Mental Health Nursing offered by the University of Plymouth in Truro have their tuition fees covered by the NHS and receive a bursary of £6000+). For more info on nursing and social work grants see www.nhsstudentgrants.co.uk.
Useful websites
www.direct.gov.uk/studentfinance
www.ucas.ac.uk/students/studentfinance
