Money matters
Cost of living
The cost of living and studying in London is high, although Goldsmiths' location in South East London means that the cost is lower than in central London.
You should allow £8,000-£10,000 for your living expenses* as a single undergraduate or postgraduate student for one academic year. If you are bringing your family, you must allow a further £3,000 each year for every adult dependant and £1,600 for each child.
Remember that your expenses will rise each year in line with inflation, currently running at about 3-4% each year. Tuition fees are payable each year and may also rise by up to 5% per year.
For help on planning and managing your money for your studies in the UK, visit the International Student Calculator.
*Under the UK Border Agency’s new points-based system for international students, you will have to pass a maintenance test when you apply for a visa, meaning that you will need to have £9,600 for one year of studying in London. Please see the UK Border Agency's website for more information.
Currency
You need to bring at least £300 in British currency to cover your immediate needs on arrival in the UK, including customs charges, rail fares and any emergency expenses. There are four British notes in use: £5, £10, £20 and £50.The Pound Sterling (£) is divided into 100 pence (p). There are eight coins in use: 1p, 2p, 5p, 10p, 20p, 50p, £1, £2.
Credit cards (charge cards) are useful, as personal cheques are generally accepted in shops and stores only if they are backed by a cheque guarantee card issued by your bank. Banks are sometimes reluctant to issue these to international students unless they have been in the UK for at least six months. You may find it useful to order a Visa/MasterCard credit card from your own bank before coming to the UK.
These are widely accepted here, but you may incur charges if you use them to withdraw cash or for obtaining cash from dispensing machines. Some retailers do not accept American Express cards.
Places which accept credit cards usually display a notice on the entrance doors and cash points. You should not assume that Travellers Cheques will be accepted everywhere.Opening a bank account
We strongly recommend that you open a bank account in the UK. You can open a student account at any high street bank. There is a sub-branch of the NatWest Bank on campus, with a cash dispensing machine. Or you can open a Citibank account through the Goldsmiths Fees Office, which enables you to make free, instant fund transfers to another Citibank account in 25 countries including USA, India, China and most of Europe. See here for more on opening up a Citibank account. You will need to enrol before you can open an account, and the following documents are needed:
- Current passport
- Goldsmiths student ID card
- Reference letter provided by the Fees Office
- Proof of address.
This can be in the form of a letter from Goldsmiths or your signed tenancy agreement, or utility bills from your current address in the UK.
For day-to-day living expenses when you arrive, we recommend that you bring with you Travellers Cheques in Pounds Sterling and some cash.
For more information on opening a UK bank account for international students, download the Banking leaflet for international students.
Transfer of money
If you want to transfer money for tuition or hall fees before you arrive, please see Paying your fees.
Council Tax
The Council Tax is a local tax used to help pay for local services such as education, social services and refuse collection. The Tax is a tax both on people and on property. Full-time students do not normally pay Council Tax but you must send proof that you are a student to your local Council Tax office. Once you are registered, exemption letters are available from the Student Records and Enrolments Office.
For detailed information, see UKCISA Information Sheet for students. [ PDF format ]
This information can also be found by downloading our Guide for New International Students [PDF format].
Student Loans for American Students
American students can apply for Federal Loans and private loans.
Student loans for Visiting Students (Study Abroad) from the USA
IEFC offer a Study Abroad Private Education loan and Sallie Mae, a Signature loan for visiting students to cover any shortfall and other expenses not covered by your school in the USA. If you are eligible for Federal Aid you should still apply to your school in the USA.
Loans for students of other nationalities
There are few loans available for students of other nationalities studying in the UK. Canadian students can apply for national loans or provincial and grants. The IEFC also offer private loans (CanHELP). Students of other nationalities with a US National willing to act as a co-signer can apply for a ISLP loan to cover their tuition and other living expenses.
All of the above loans need to be certified by the Senior Fees Officer. Please forward any paperwork to Glynn Francis at the Fees Office address below.
If you have any further queries not covered above, please contact the Fees Office as follows:
Fees Office
Room 122, Richard Hoggart Building
Goldsmiths, University of London
London SE14 6NW
UK
Tel +44 (0)20 7078 5311
Fax +44 (0)20 7919 7271
E-mail fees@gold.ac.uk
Tel. +44 (0)20 7919 7700 | Fax +44 (0)20 7919 7704 | E-mail international-office@gold.ac.uk
This information can also be found by downloading our Guide for new international students [PDF format].
Under the UK Border Agency’s new points-based system for international students, you will have to pass a maintenance test when you apply for a visa, meaning that you will need to have £9,600 for one year of studying in London. Please see the UK Border Agency's website for more information.