Cost Of University - Study And Pay Later

If you have an award, which carries with it the payment of fees to the university, you are lucky. The cost of studying in universities in UK, have increased and the increase is quite hurting. A student, who has already started his course before September 2006, would have paid a fee of £1,175 per year, which comes to £3,525 for his three year course. The cost of university is incredibly higher for those who have taken admission during or after September 2006 at £3,000 per annum. The difference per annum is a staggering £1,825.

The difference also becomes too harsh for the parents, having more than one child. A student, who has gone for the university studies after September 2006, would have paid much higher university cost for his studies, compared to the ones, who have joined the university before that. The huge difference itself is a deterrent for the plan of the UK Government, to have 50% young people in the university by 2010. The impact is already felt, with at least 10% of the prospective students opting for the comparatively cheaper distant education instead of joining a university.

In today's scenario, the student will bear the cost of university after he graduates and starts earning, and not before. In this new system, the students are relieved from paying anything at the time of his or her study. The university cost starts to get re-paid by the student after he or she graduates and gets employed, earning no less than £15,000 per annum. The UK government has taken a policy to bear the expenses for the British citizens for their study in the universities, and as and when they start earning the minimum amount, they need to pay back at the rate of 9% of their salary, without any interest levied.

The British Government also provides full grants to students coming from the economically backward sectors. Hence the cost of university is almost nil in their cases. Other students also get a partial grant that reduces their university cost considerably. A student, who comes from a family having a yearly income of £17,500, would get a grant of £2,700 per annum from the Government, and as a result he needs to pay a sum of £300 towards his cost of his university studies.

University cost is comparatively higher in United States. On an average the cost comes to around $50,000. Additionally, there are other costs, such as, board and lodging, travel, etc. Least expensive colleges in the United States charge at least $10,000 per annum as fees, with most of the cost of university falling between $20,000 and $30,000 per year.

In view of the above, it has become a major problem for majority of the Americans to bear the expenses. The fees remain high, even considering that the universities in that country subsidise by funding the cost of advanced library, digital technology oriented computer rooms etc. To meet the expenses, the universities constantly seek financial assistance from sponsors, foundations, and industries. The universities also receive some funds from the Federal and the local Government as well.

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