Unless you have been there, the cost of going to university seems rather remote and hard to fathom. Without a generous benefactor, family wealth or a saved income from gap years or term work, it is likely that the average student will have to borrow at least some money to get them through their course.

The government do provide opportunities to borrow through approved schemes. These are means tested in an attempt to target the most money at those with little financial backing so an early view of the process by prospective students and parents is a must. Even parents on relatively modest incomes will be surprised at how this impacts on their sibling's opportunity to borrow to fund living costs.

The principal behind the government student loan scheme is that any individual will not start to repay the loan until the April after the year they have finished university or college and are earning in excess of £15,000 per annum. Interest rates on the loans are charged at the September RPI for the next year so can be a very low cost form of borrowing and the amount borrowed should remain the same, in real terms, over the period taken to repay it.

Loans are available to cover tuition fees (up to £3,145) and living and accommodation costs (up to £6,475). It may also be possible to get a bursary or grant from the university being attended although these are hard to obtain since the competition is fierce.

No repayable Maintenance Grants or Special Support Grants can also be available where circumstances permit. These are assessed on your current income and your household income so are fully means tested. These can add up to an additional £2,835 for qualifying students. Some of this may be paid instead of the student loan so reducing what appears to be the total amount that can be borrowed.

Public funded universities charging a full tuition fee have to provide a bursary to any student eligible for Maintenance or Special Support Grants. The amount varies - but every little helps!

Student loans are available to all students. 75% of the maximum £6,475 Student Loan for Maintenance maximum is available on a non means tested basis. The remaining 25% is income assessed and will depend on your personal income and household income. However much is borrowed, the loan is paid in three instalments throughout the academic year to coincide with the typical university charging period for accommodation costs.

It is always difficult to predict the actual costs of University or College life since each individual will have a differing lifestyle. The geographic location of the University or College can also have an impact based on whether it is a city or provincial institution and the associated costs of accommodation.

One thing is clear, the tuition fees have to be paid as does accommodation in some form or other. Students living at home may reduce this, but then may have additional transportation costs.

It is reasonable to assume that any student at a provincial University or College and living away from home is going to need around £10,000 per annum to support themselves. Hence, the student loan, grant and bursary system is unlikely to fully fund a year's worth of living so additional borrowings may be necessary.

Banks, seeing the future earnings potential of qualified students, try hard to attract new accounts. Offers of free overdrafts and other valuable benefits help to bridge the gap of funding for those who are not fortunate enough to have been able to save or be funded externally.

Once you have left, repayment of the student loan commences in the April after you leave your course. You pay at least 9% of any excess over £15,000 per annum although you can choose to pay more. This is organised through your employer so you never actually see the money arrive in your account!

Browse a range of useful websites about Student Debt.