Firstly, it’s worth remembering that there is nothing to pay upfront.
Most UK students are eligible for a Tuition Fee Loan from the Student Loans Company which will cover the full amount of course fees, regardless of how much they or their family earn.
Maintenance Loans are also available from the Student Loans Company for help with living costs during their studies, such as rent, food, and books.
Your child will only start to repay the money once they have completed their course and are earning over a certain amount per year. This gets automatically deducted from their pay, like tax. The lower your child’s earnings, the lower their repayments will be and if a student has not paid back the full amount in 30 years, it gets written off.
Having a student loan does not affect their credit rating and won’t affect their chances of getting a mortgage later in life.
Some universities and colleges may offer additional financial support, through Scholarships and Bursaries, including for example students who are the first in their family to go to university, those from low-income families, those who are parents, carers, or care leavers, or for those demonstrating academic excellence. There are many more available so encourage your child to research extra financial support available at their chosen institution.
Read the UCAS Student Finance Guide for Parents.
