If you are looking for a way to improve your income then hosting foreign students may be the perfect scheme for you. This will help you to avoid having someone living in your home with your permanently and
will instead leave you limited to a specific time in which someone will be staying in your home, learning a new language and visiting a University or college. This can allow you to find out whether you
would mind having someone in your home more permanently and you could then look at the possibility of renting a room in your home out to someone on a permanent basis.

With different lengths of stays available you can find something that is going to be convenient for you and fit in with your lifestyle. Whether you have someone stay who is learning English as a foreign
language or someone who is studying here at a University or college you will have them staying with you for a varied length of time with stays from 6 weeks right up to 6 months that will be agreed in
advance.

With thousands of English language schools, clubs, colleges and universities around the United Kingdom offering students places to learn English and have accommodation at the same time you should be
able to find somewhere in your local vicinity that is looking for people who can accommodate. There are summer programmes for teenage students but during term time they may offer places to students of all
ages for varying time scales. Some universities offer an exchange programme which means that they are looking for people who can give someone accommodation for a term or semester. You will be expected to
either provide house and board a student who has their own activities already planned for them or provide house and board for students who are taught by you. To do this you will generally need to have a
relevant English qualification but this is a fantastic way to boost your income.

If you are looking to start hosting students you visit your local language school or call them up. They will usually have an accommodations administrator who will deal with the host families and their accommodation. You will have to undergo some inspections and fill in paperwork before you will be told if you qualify to have students stay with you. If you are near a university you may find that their website offers information on hosting foreign students so be sure to give that a try.

The amount that you can expect to receive is dependant on where you live, the facilities that you offer and the quality of your home. You can expect to receive fees upwards from £50 per week depending on the services that you offer. Offering laundry, wireless, meals, double rooms and numerous other things can all increase the amount of money that you can offer. You can collect up to £4,250 per year in rent before you have to start paying tax.

Taking in a foreign student is a fantastic way to make some extra money while getting to know someone from a different culture to your own. You may even be able to pick up a few new phrases yourself which
is always a good thing!

Could the future really see a degree costing £84,000 as the BBC has reported this week?
In a report aired last week, the BBC claims that with the tuition fees for degree students rising to £9,000 per year for most English Universities from 2012, a student who needs to borrow money for these fees plus money to live (averaging £4000 per year), could find that they have to pay back as much as £84,000 over their lifetime.

Can the BBC’s calculations really be correct?
Ok, so our starting figure is £9,000 fees plus £4000 living expenses per year over 3 years meaning a figure borrowed of £39,000. In itself this is quite a large sum of money, but to reach the figures the BBC has reached, we need to look at the government’s new scheme for paying money back and how it works.
Currently when a graduate starts earning over £15,000 they pay back 9% of their income above this level to the SLC. The new system will allow graduates to earn £24,000 before they start paying back any money. At the moment, after 25 years, low earning graduates who haven’t cleared their debt have the remainder of it wiped out. With the new scheme, this won’t happen until 30 years have passed.

Overall what this means is that the amount paid back per year will be lower for most graduates meaning the impact on their every day lives will be less. However, this burden will continue for longer, and because of this the amount of interest incurred on the loan will be greater meaning that the BBC’s figures of up to £84,000 could indeed be correct. For a graduate who gets a great job and starts earning lots of money quickly, the debt will be paid back sooner and less interest will be incurred and therefore they’ll pay less. For graduates who start out on a low income and take a long time to reach the point where they start paying back the money and find themselves reaching the end of the 30 year period with debt still there, they will pay back less because the remainder of the debt will be wiped. For those who fall into the middle of the road category where they do pay the full amount but only just within the 30 year period, the amount that they pay back will be at its highest.

£84,000 or even close to it looks like a massive sum of money in today’s terms. The thing is, over a 30 year period, inflation (the cost of living that rises constantly) nibbles away at the value of money whether it is savings or debts so that £84,000 30 years ago was worth a lot more in terms of buying power compared to today, and in 30 years time it is likely to be worth a good deal less. In fact based on 30 years at 2% increase, around half of a debt that size would have been inflated away! So, in real terms, though the costs of a degree will increase, and graduates will pay back money for longer, they will pay out less per month and therefore will be affected by the debt less generally.

With university fees set to increase under the current government there are real concerns from students and parents about how they will fund higher education and the resulting financial repercussions. Education does come at a cost but should not be dictated by finances, here’s our guide on how to minimise the costs.

Assess your situation

Whilst the threshold for annual tuition fees is set to rise to £9,000, there are also changes to grants – for households earning less than £25,000 maintenance grants will increase from £2,906 to £3,250, the threshold for partial grants will decrease from £50,020 to £42,000. Before you work out the calculations, speak to an advisor and find out exactly where you stand with regard to funding.

Defer your place

Waiting a year or two will not necessarily change the financial implications of going to university, but it does allow time to accumulate some savings that should help with the costs. Taking some time out can also pay dividends for applications and experience – if you’ve earmarked the industry you’re interested in try to get some hands on involvement, this should help affirm your decision and also bolster your CV.

Earn whilst you learn

Lots of students already go down this route and a part-time job can help raise essential living funds – whether you choose to take temporary contracts during the holidays or are lucky enough to land a regular evening job, some additional cash may be essential in meeting bills and fees.

Set a budget

Living away from home for the first time can be both exhilarating and expensive. The concept of establishing a weekly/monthly budget where most of the cash goes on household basics can be a bit of a shock, but establishing where cash is essential allows you to work out what you actually afford to splash on entertainment.

Avoid debt

Perhaps a little contradictory considering the inevitable hike in costs, but avoiding unnecessary credit cards debt and loans can go a long way in reducing overall debts come graduation. If this isn’t possible, make sure you shop around for best deals on rates, keep a handle on what you owe to whom and be aware of repayment obligations.