Universities in England, Northern Ireland, and Scotland can charge up to £9,250 each year for undergraduate tuition, while the most a university in Wales can charge is £9,000. Students from England may apply to Student Finance England for a loan up to the maximum of £9,250 in order to cover tuition fees.
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Funding is also available for living costs, and this can come in the form of a means-tested maintenance loan.
However, it may be that a student requires additional financial support during this period of their life.
Today, Martin Lewis appeared on This Morning, where he spoke on the topic of saving for a child to go to university.
The Money Saving Expert has said on the matter: “This year’s main university application deadline has just passed, and whether you’re a student or a parent one of the big things to consider is the financing.
“Tuition fees are the easy bit. All first time UK undergraduates get them paid for them by the Student Loan Company.
“You only repay them if and when you earn enough after you leave (repaying nine percent of everything above £25,725 for 30 years or until you clear what you borrowed plus interest).”
Mr Lewis continued: “Yet while at 18 you’re old enough to vote, marry and fight for our country – true adult independence – you’re not an independent adult under the student finance system.
“As, for most who live in England, a big chunk of their maintenance (living costs) loan – over half in many cases – is dictated by, effectively, a means test of parental income.
“The higher it is, the less they get. The reduction starts at just £25,000 total family income.
“The max total shortfall is over £15,000. Logic implies parents are expected to fill the gap. Yet they’re never told.
“Students just get loans that aren’t enough to live off.”
“The more money your parents get, the less of a loan you get for living off,” he said on This Morning today.
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Mr Lewis went on to explain that it’s possible for parents and guardians to work out how much they should save for their child to go to university.
This can be done via the Money Saving Expert founder’s “How much should I save for my child to go to University” calculator, which helps a person to work out how much they’ll need to save for their child’s living costs – even if it’s years away.
Martin Lewis: How much to save for a child going to university
The financial journalist also detailed some examples of how much a person living away from home outside of London would need to make up the gap between the full loan and what a person will get, according to total family income.
Should the student start next year, these are estimated to be:
- Total family income £35,000 – £3,900 contribution over three year course
- Total family income £50,000 – £9,750 contribution over three year course
- Total family income £75,000 plus – £14,400 contribution over a three year course.
Mr Lewis added: “Equally that means those with much younger children who may one day want to go to university should consider saving up now.”
This Morning airs weekdays on ITV from 10am.
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