Managing your Money

When you start university you’ll have to juggle paying the bills with programme costs.

Check out our top tips below to give you a head start in money management.  Managing your money can seem daunting, but with a bit of preparation you can minimise financial worries and maximise your enjoyment of student life.

Living costs

London is one of the most exciting and rewarding cities to live in the world.

Your living expenses will depend on your choices and although London can be expensive, there are opportunities to get the best out of London on a limited budget.

You need to ensure that you have sufficient funds for your fees and that you have enough money for accommodation, food, travel, books and other living expenses. The information below is intended as a guide only, as living costs will vary depending on your individual circumstances and lifestyle.

We offer a range of scholarships which helps reduce tuition fees, see our website for details.

You will need to budget for the following when you come to Richmond American University London:

  • Tuition fees – these will vary according to the course you are studying
  • Accommodation – either managed student accommodation such as iQ Haywood House or privately-rented accommodation
  • Living costs, such as food, travel, laundry and entertainment – see below for guidance
  • English language tuition fees if you want to study English in the UK before you begin your course

The Education UK website gives a general guide to the cost of living in the UK which will vary depending on where you study.

Here is what we have calculated as an estimated monthly living allowance for studying at Richmond American University London, excluding tuition fees. Please note this will vary depending on lifestyle. We recommended that you set aside some extra money for unforeseen expenses or emergencies.

Expenditure type
Lower range cost per month
Upper range cost per month
Managed student accommodation at iQ Haywood House
(based on 36 weeks, September to May)
£1,152 £1,504
Food £180 £350
Text books/photocopying/study trips £40 £50
Laundry £20 £30
Mobile phone £20 £45
Clothes, travel and entertainment £160 £240
Total £1,572 £2,219


The duration of an undergraduate course in the UK is normally nine months each academic year. Based on the estimate above, the cost of living for the year would be between £14,148 and £19,971 plus your tuition fee.

The duration of postgraduate courses in the UK is generally 12 months. Based on the estimate above, the cost of living for the year would be between £18,864 and £26,628 plus your tuition fee.

Students enrolled on a full-time course for more than six months are entitled to free healthcare under the British National Health Service, but will have to pay a health surcharge as part of their visa application.

Working during your studies

If your visa allows you to work in the UK during your studies, this may help alleviate some of your expenses, but it is not advisable to rely on this.

International Organisations

You could investigate all sources of funding within your own country including government scholarships and loans and the help that might be available from private foundations and organisations. You will need to be determined and creative. It is rare for lists giving details of such aid to be easily available. Look for organisations that concentrate on the area in which you wish to study. If, for example, you wish to study psychology, look for professional associations of psychologists or related organisations.

Organisations such as The United Nations and The World Bank offer some scholarships as well.

The US Agency for International Development does not provide scholarships for individual students but its site at www.usaid.org provides a useful list of other organisations. Applying for Scholarships and Financial Aid.

Discounts

Our Student Affairs team are constantly informing students at the University of any discounts available, updated each week through our student e-newsletter.

Once you’ve got your identification card, you can use this to claim student discounts in many shops, restaurants and businesses (including cinemas and theatres), so remember to always ask if student discounts are offered.

You will also be able to register for Chiswick Park’s Enjoy-Work app, which includes exclusive offers for local businesses.

The TOTUM card (the only discount, proof of age ID, and student life platform recommended by the National Union of Students (NUS)) and the International Student Identity Card (ISIC) also offer great student discounts in many places, and can be really helpful for getting discounts when you shop online. Have a look to see if you could save money with one of these cards.

Travel

Discount railcards, which give one third off the price of national train fares (and off-peak Tube travel in London), are available to all students. They cost £30 a year and could save you up to £200 per year on rail travel in the UK. Find out more about railcards.

The 18+ Student Oyster photocard can help students buy discounted Travelcards which give unlimited travel as well as discounted Bus & Tram Pass season tickets.

Funding Resources

In order to help all students with their spending and living costs the University has put together a series of resources including scholarships and how to make payments. There are a number of helpful financial aids including UCAS’ Budget Calculator.

No additional costs!
There are no additional costs for this course for students beginning their studies in September 2022. Should this change, applicants and students will be contacted by the university with details of the costs.