Local students who attend the new University Centre Milton Keynes (UCMK) could save an incredible £12,000 in just two years.

And with the credit crunch causing purse strings to tighten, university chiefs believe it will be another incentive for young people to study towards a degree locally. On average, student living expenses are a hefty £6,000 per annum which includes renting a room near the university, utility bills, food and travel expenses for home trips.

"We know student debt is a major issue when it comes to taking a university degree," admits Dr Keith Straughan, the new Dean of UCMK.

"By studying at UCMK some of that financial pressure is taken away because students can remain living at home with their parents and save on accommodation costs and food. It's likely they will also work part time locally which benefits their own pockets as well as the city's economy."

Matthew Hull, 20, of Springfield, Milton Keynes, is one local student who has signed up to study at UCMK. He says the financial aspect was a major consideration when deciding to enter higher education.

"I always wanted to go to university but the costs of rent and living away from home put me off. I kept reading about the huge debts students were running up just to get a degree and further themselves. This way I get to stay at home, study for a degree in MK, be near my friends and save money."

UCMK is based in 200 Silbury Boulevard, Central Milton Keynes, and has been offering a wide variety of degree-level courses to students since September 2008. UCMK works in partnership with other local universities to deliver foundation degrees. This means that students can study towards their degree locally for two years. For details contact MK 684444.