Assignment Example | Topics and Well Written Essays - 1000 words - 11

Assignment Example Applying the above theory to this coursework discourse, we can also assert that students have an expectation of what studying in the UK institutions should offer them. On the issue of studying in the United Kingdom, this present coursework mainly intends to investigate the extent to which students have become aware of financial issues that are faced with students who are joining universities. Therefore, the coursework will give information and advice on what first year undergraduate should expect to spend their money on when they arrive at the university and a rough estimate of these costs. Additionally, the coursework will highlight on the sources of finance that are available to students. Students’ expenditure budget According to Davey (2008), students learning at UK institutions are faced with a budget as they are supposed to cater for their needs and cover their own expenses, this more in particular for students are boarding at their learning institutions. Therefore, for f irst year undergraduate students the first thing that they should learn is financial management and proper budgeting in order to go through the entire term without financial hurdles and be able to fully concentrate on their studies. Among the common expenditure that students are faced with, include rent, food, communication (mobile/ internet), student supplies, council tax, transport, utilities, and banking charges such as opening a UK account. Estimate of a student budget For first year students who are going to undertake a course that runs for three years, the common budget estimates are presented in the table below. A 3 years course Amount in GBP Annual fees 2500 The living costs Books 62 Clothes 178 Concerts/ cinema 50 Travel home 50 Monthly expenditure Rent 340 Bar/restaurant bills 77 Food 130 Mobile phone 36 Transport 12 Shopping 69 Households bills 65 Other miscellaneous 20 Total Amount 37, 524 Based on this total amount that students will spend for their entire 3 years cours e, the annual amount that students will be required to have is 12508, on per term basis the required amount is 4168.33 while on monthly basis it is 1042.33. Evans (2011) stated that for students studying in the UK, there are various sources of finance that they can exploit in order to cover for their expenses and this excluded funds that can be provided for by their parents or guardians. Among the available sources, include student loans, grants that are offered annually, earning from part-time work, and holiday jobs. The estimate amounts that students could generate from these sources are as follows; Students’ possible income Student loan plus grant per year 6000 Part-time work 60 Holiday jobs 2500 Total 8560 The annual expenditure budget for students as it was noted was 12,508 and the rough estimates for students’ possible income per year is 8560 in total. Therefore, it means that on annual basis students will have a shortfall of 3948. This shortfall could either be covered by a funds received from parents or income earned from additional part time jobs and holidays jobs. However, it is of essence to note that for students to engage too much in jobs is highly likely to interfere with their education and they may end up have dwindling performances. The other key expense that was not included on the budget is healthcare costs for the students. This was intentionally excluded because of the fact that healthcare cost for students is also charged as part of the total school fees,