Student Finance

If your child wants to go to university but you’re worried about the cost, don’t panic! 

There’s nothing to pay upfront and there’s plenty of financial support available to make sure that all students who have the potential to benefit from Higher Education (HE) can access it, including loans for students from households with a low income. 

Here we explain the facts about university fees, finance, and repayment and bust the myth that you have to be rich to afford to go to university.  

Student Finance Explained

Watch this short video by Martin Lewis, Money Saving Expert, to understand more about Student Finance.

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.

Part-time Employment

Many students work part-time to help with their living costs. There are often employment opportunities available at universities and colleges or near campus, usually advertised by on-campus careers services. This allows students to increase their level of income and gain valuable work experience whilst studying or during term-time breaks.

Need more information on Student Finance?

See Martin Lewis’ Student Loans Myth Busting Guide.

View Guide
Back Close mobile navigation