Money Matters

Cost of living

The cost of living and studying in the UK can be higher than in your home country

You should allow £6,000-£9,000 for your living expenses including rent for one academic year. If you are bringing your family, you must allow at least a further £2,000 each year for every adult dependant and £1,000 for each child.

Remember that your expenses will rise each year in line with inflation, currently running at about 3-4% each year. Tuition fees are payable each year and may also rise by up to 5% per year.

For information please also check out the Student Cost of Living Calculator:

Currency

You need to bring around £200-£250 in British currency to cover your immediate needs on arrival in the UK, including customs charges, rail fares and any emergency expenses. There are four British notes in use: £5, £10, £20 and £50.The Pound Sterling (£) is divided into 100 pence (p). There are eight coins in use: 1p, 2p, 5p, 10p, 20p, 50p, £1, £2.

Credit cards (charge cards) are useful, as personal cheques are generally NOT accepted in shops and stores anymore. You may find it useful to order a Visa/MasterCard credit card from your own bank before coming to the UK.

These are widely accepted here, but you may incur charges if you use them to withdraw cash or for obtaining cash from dispensing machines. Some retailers do not accept American Express cards.

Places which accept credit cards usually display a notice on the entrance doors and cash points. You should not assume that Travelers' Cheques will be accepted everywhere.

Opening a bank account

We strongly recommend that you open a bank account in the UK. You can open a student account at any high street bank. You will need to enroll before you can open an account, and the following documents are needed:

• Current passport
• K College student ID card
• Reference letter provided by the Administrations Office
• Proof of address.

This can be in the form of a letter from K College or your signed tenancy agreement, or utility bills from your current address in the UK.

For day-to-day living expenses when you arrive, we recommend that you bring with you Travelers' Cheques in Pounds Sterling and some cash.

Council Tax

The Council Tax is a local tax used to help pay for local services such as education, social services and refuse collection. The Tax is a tax both on people and on property. Full-time students do not normally pay Council Tax but you must send proof that you are a student to your local Council Tax office.

For detailed information, see UKCISA Information Sheet for students.