There seems to be some confusion on here as to how much living expenses etc. are for one year. In my opinion both flying schools and certain threads on this forum are way over-estimating just how much it costs to live for a year. For anyone who's interested...here's what I reckon.
I went to uni at UEA in Norwich which as prices go is fairly average. Certainly more expensive than the North but not quite as expensive as inner city London. I ran a car, paid rent on a decent house, ate well, went out 5 times a week on average and rowed (which is not a cheap sport - believe me) and I reckon that I spent somewhere in the region of £5500-£6000 each year. Add into that luxury things like clothes, CD's etc.
The way I see it is that if you are studying for an ATPL then you will not have much time for other stuff, certainly not like you do at uni. Obviously you can't get hammered every night if you are flying or studying the next day. Take away the car and cut down on the luxuries and I think you could comfortably live on £4000 for a year without any problem.
I've read in some places that you will need upwards of £7000 to live for a year while studying. Pull the other one.