Cheapest universities for undergraduate cost of living revealed

A number of students borrow additional cash sums from private lenders, but Liverpool Hope University is shown to have the lowest borrowing rate

Liverpool Hope University has been named the cheapest for undergraduate cost of living, as new data reveals that students are falling even further into debt with additional loans to make ends meet.

Figures from private loans company Future Finance shows students in some areas are borrowing sums of almost £10,000 on top of government student maintenance and tuition.

London universities remain some of the most expensive, but students from the University of Oxford were revealed to be borrowing an average of £9,800 from private lenders.

The city was also revealed to be the most costly for student accommodation, with rents having risen by 10 per cent on last year.

Latest loan figures follow reports that an increasing number of undergraduate students are unable to fund themselves through university courses this year, with parents expected to pay more than £5,000 on average towards their children’s living costs.

In some cases, the figure has increased by almost a third on last year, depending on household income.

The rise follows recent changes to the way in which government student loans are allocated.

Following Liverpool Hope, Cardiff Metropolitan University is listed as the second cheapest for undergraduate living, followed by the University of Gloucestershire.

The data shows that students at these institutions are still applying for average loans of more than £4,000 however, with Liverpool Hope falling just below at £3,972.

Speaking in response to the figures, Brian Nortan, co-founder and CEO of Future Finance advised students to take average costs into consideration when applying for universities.

He said: “Students starting university this month need to carefully consider a number of factors, as the cost of living is often overlooked in the initial rush to secure a university place.

“Undergraduate students can expect to spend more than £12,000 just on living costs each year, which is a lot more than the maximum amount they can get from government maintenance loans."

The top three most expensive universities for cost of living by average additional loans:

1) University of Oxford - £9,801

2) Regents University London - £9,728

3) Imperial College of Science, Technology and Medicine - £9,708

The top three least expensive universities for cost of living by average additional loans:

1) Liverpool Hope University - £3,972

2) Cardiff Metropolitan University - £4,057

3) University of Gloucestershire - £4,175