IS UNIVERSITY AFFORDABLE

It’s natural to worry about your child managing their finances independently, but the student finance system means they can apply for upfront support while they study. They will only start paying their fees in instalments after they graduate and earn at least £25,000*. University is more affordable then you think.

Student Loans

If your child is planning to study at a university in the UK, they can apply for a student loan through the Student Loans Company. This consists of two parts:

A Tuition Fee Loan, which covers the full cost of the university fees

The basic rate of a Maintenance Loan to help with living costs, such as rent and bills.

They may be eligible for a higher Maintenance Loan depending on your family’s household income. For the 2023-24 academic year, the maximum Maintenance Loan is £9,978 for a student living away from home (outside London) or £8,400 for students living with their parents (outside London).

For more information, visit www.gov/uk/browse/education/student-finance. Beyond this, parents may contribute to additional living costs.