How to Afford Your Children’s University Costs

If you have children that are aspiring to go to university then you are probably rightly proud of them, but also a bit concerned about the cost of it all. There are different things that you can do about funding university and it is worth having a think through all of the options so that you can make appropriate plans.

Student Loan

The student loan scheme will help all students with the cost of the course and a little extra. It will always provide funding for the full cost of a course and some maintenance costs too. The maintenance part is means tested though and based on the household income of the home they lived in before they went to university. This means that they could get just a small amount or a larger amount depending on how much income is coming in. Although it is not stated, parents or students will need to make up the difference otherwise they will not have enough money to cover rent and living expenses. The loan will only be available to students who have not had a loan previously or had a grant.

Grants and Bursaries

There are some grants and bursaries available and it is worth looking into whether they are something that the student might qualify for. Some courses are more likely to have them than others it will depend on how they are funded. There will also be some help available for the very worst-off families so if you think you might qualify that is worth checking out as well.

The Student Works as Well

It might be the case that the student will be able to work while they are studying and this will help them to be able to afford to study. Whether they will be able to do this will depend on the course though. Some will do a part-time course so they can fit in work, but some courses have very little teaching time so there is an opportunity to fit in work while they are studying. This may enable them to earn enough, but it could depend on whether they can find a job that will give them enough hours of work and high enough pay so that they can manage.

Parents Save Up

Some parents might decide that it will be better if they save up money while they child is growing up so that they will be able to give them money while they are at university. Some parents will be more able to do this than others – it will depend on how much they are earning and what expenses they have while the children are growing up. Even if just a little bit is saved up then they will be able to have some benefit.

Parents Support Them

Parents can of course support them while they are studying. The children could go to the local university and then they could live at home and there will be no rent to pay or other household expenses. They will just need to find money for transport to get to university and for the costs of any learning materials. If they are living away from home, parents could send them money to pay for things when they need it. It may be easier for parents to do that at this stage as they may be able to both work full time as they will not need to be at home doing things for the children. Parents will also have lower food costs without the children living there so they could give them the money that they are saving which they could use towards their own food, for example.

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