We understand that as a parent you want the very best for your child. We aim to provide clear advice about all aspects of University life and help you make informed decisions.
In this section, we’ll look at student finance and what you need to consider when making financial decisions.
The latest information about student finance can be found on the government website.This is also where your child will need to apply for their student finance, so it helps to read through the relevant sections.
For the best impartial advice and support we recommend the Student Loans Decoded, produced by money expert Martin Lewis, which is a simple guide to student finance and the real impact of higher education on both students’ and parents’ pockets.
University costs break down into three distinct areas:
Course fees are almost always paid for by a student tuition fee loan. Course fees are substantial but it’s important to understand that these do not need to be paid up-front.
If your child is eligible for a student loan they will only start to pay back the cost of their course fees once they graduate and are earning above a certain threshold.
Martin Lewis has an excellent guide to student finance on his Money Saving Expert site.
Student tuition fee loans are subject to eligibility criteria which is explained on the government website. If your child is not eligible for a student tuition fee loan then they will need to pay for their tuition fees themselves, or via a sponsor. Further information about payment options can be found on the main Undergraduate fees and funding webpages.
Living costs may be partially covered by a government maintenance loan. However, the amount your child receives depends on your household income. The government website has a calculator you can use to estimate the size of the maintenance loan your child will receive.
Where possible, the government expects parents to carry on supporting their children while they study (but we do recognise this isn't always possible).
You may decide that it would be better for your child to live at home for all or some of the time they study.
You might agree to provide your child with a certain amount of financial support, but there are ways for your child to contribute, for example through part-time work.
For many people, starting at University is the first time in their lives they have to manage financial matters for themselves. It can be daunting but it’s also an important part of the wider learning experience that university provides.
The Students' Union offers financial advice and support with budgeting and other day-to-day financing.
We also have dedicated Student Support teams who can help your child if they have any financial questions or concerns while at university.
If you have any further questions about student finance our Open Days and Applicant Days offer an excellent opportunity to find out more.
Or you can contact our Course Enquiry Team who are always happy to help.