The Open University is a Great Option as Student Loans Increase

The higher cost of student loans can hit young people hard, in some cases making their hopes of studying at university less attainable. However, by making a few small changes to their plans, prospective students can cut a significant amount out of their financial obligations, when carrying out their studies at home.



With tuition fees increasing along with property rates, students planning to rent accommodation in or near to their universities could find the combined cost too high, particularly over the three to four years required for most courses. These are among the chief reasons why more students are choosing to live at home during their studies, with a recent survey finding that one in five students now reside with their parents during their university years - a figure that's likely to increase proportionally with escalating costs.



Living at home can be much more financially viable for full-time students who are unable to devote the time and energy to part-time jobs during their studies. By allowing them to set aside what money they do earn during their university years, they will also be in a much better position to start paying off student loans sooner. Even students who don't happen to live close to their preferred universities have another option for home study, in the form of degrees from establishments such as the Open University.

Studying at home isn't only cheaper, it can also be much more convenient and offer a more supportive environment for students - particularly those who are close to their families and don't wish to leave their friends behind. If family members are willing to pay for essentials such as grocery shopping, that also allows students to stretch their loans further, ensuring they'll always be able to afford course materials such as business books and other textbooks.



Student loans have been on the rise ever since they replaced student grants in the UK in the early 1990s. While students in those early years could expect to leave university owing around £2,000, the figure increased many times over during the next decade, and in the last 10 years has increased at an ever sharper rate - with students in lower socio-economic groups being perceived as the most affected by the changes.



Thanks to home living and options such as the studying from home, students don't have to let their hopes be dashed by increases in loans and other costs, and can enjoy their years of study without thinking too much about financial worries.