Living costs

So where does that money go? A good chunk of it is on fees. Annual course fees are now typically £3,075 at most universities. This is capped by the government, but is likely to go up slightly each year. Students must pay course fees in advance.

The other big chunk is accommodation. The NUS says the average cost is £2,580 a year with wide variations depending on where you study. Self-catering halls of residence can cost £46 a week in Scotland and Wales, or £77 in London. Private accommodation is £50 a week in the north-east of England, and double that in London.

Studying in London, Jim paid £6,000 a year for a room in a flat. "I couldn't find a private landlord to do nine months," he says. "I've got friends who went to Hull and paid £2,000 for a whole house."

After that there are gas and electricity bills, phone bills, travel, food, clothes, sport, socialising, books and a computer. The NUS says the average total for that is £5,330 a year.

Funding the lifestyle

So where does the money to pay for this come from? The rules changed last year and there are now four official revenue streams - course-fee loans, living-costs loans, bursaries and grants. There are also several unofficial or commercial ones - part-time work, family contributions, overdrafts and credit cards.

All students can get a loan to cover their course fees (medical students and dentists have their fees paid by the NHS). The money is paid directly to the university or college and the student pays it back when he or she starts working.

Both living-cost loans and maintenance grants depend on circumstances. A maintenance grant is money given to you by the government to help cover living expenses, which you don't have to pay back.

How much you get depends on your circumstances. If your household (or parental if you are under 25) income is less than £17,910 you can get the maximum grant of £2,765.

If it's between £17,910 and £38,330 you will get a partial grant. Above that and you will not get a grant.

Living-cost loans depend on where you study and how much grant you get. The most you can borrow is £3,495 if you live at home, £4,510 if you live away from home and study outside London, and £6,315 if you live away from home and study in London.

All students can get at least 75% of the maximum, or £2,620, £3,385 and £4,735 respectively. Whether or not you get the rest depends on how much grant you get. If you receive a full grant you won't be able to borrow the full loan. Get a small grant and you can take out a bigger loan.

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