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How much money do British universities collect in tuition fees per year? How much extra would it cost the average taxpayer per year if all fees were to be subsidized by the government?

Accounting Dec 08, 2020

How much money do British universities collect in tuition fees per year? How much extra would it cost the average taxpayer per year if all fees were to be subsidized by the government?

Expert Solution

Fees cost them from $ 10,000 to $ 38,000 or extra for medical courses. Humanities and social courses usually cost less, but if you combine the fee and the cost of living in the UK, the average adds up to $22,000 to about $31,380 per year. Home students pay up to a maximum of $9,250 per year tuition fee. Therefore, to account for the total tuition fee collected in universities, you sum up the amounts according to the variations.

The cost of living in the UK that involves food, accommodation, books, entertainment, and mobile bill sums up to $ 12,000 per student per year. Plus, the ($1,015 - $1,435) that every university student studying in the UK should have in their bank account per month. That works out as ($12,180 - 17,200) per year. When you add up (the living cost + the cash at the bank), the result would be ($24,180 - $29,200), giving an average of $26,690 per taxpayer per year.

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