Parent’s Guide to Student Finance
Studying at university should be about your child’s passion for learning, not your ability to cover the costs. A common concern shared among parents is how their child’s studies will be funded.
Read on to discover all you need to know about student finance, what loans are available and how to apply.
Funding Options
What support is available?
While tuition fees are dependent on where you’re from and the course you choose, usually, the cost is covered by a Student Finance England tuition fee loan. This will only need to be repaid once your child is earning above a certain amount. In addition to tuition fees, you child can apply for a maintenance loan to help cover their living costs. The amount they can receive will be based on your household income.
Some students are also eligible for additional financial support, such as grants or funding for specific needs, including if they receive certain benefits, have a disability or need assistance with childcare.
Household Income
How will my household income affect my young person's student loan application?
If they are under 25 and financially dependent on at least one parent, the amount of student loan they can receive will be influenced by your household income.
However, there are situations where the prospective students' financial circumstances will be assessed differently.
Financial Independence
If the individual has been financially independent for at least three years, they will not need to include your income in the assessment.
Married or Civil Partnership
If the young person is married or in a civil partnership, their partner's income will be considered, not yours.
Care History
If they has spent at least thirteen weeks in local authority care before turning sixteen, they will be assessed based on their income, excluding yours.
Estranged From Parents
If a young person has no contact with their parents, they will be assessed based on their own financial situation, and your income will not be considered.
Applying
How can I support their student finance application?
Before you can assist with their student finance application, they will need to submit their own application based on your household income.
This is an important first step in securing the financial support they need for university.
Once they have applied, you’ll receive an email from the Student Loans Company (SLC) within 24 hours. This email will contain a link to submit your household income details.
It's important to complete this step as soon as possible to avoid delays. If you wait too long to submit your information, there is a risk that the applicants' student finance will not be processed in time for the start of their course.
To allow the SLC to access your income details directly from HMRC, you will be asked to provide your National Insurance number.
After you've provided your details, it can take between six and eight weeks for the SLC to process the information, access your income from HMRC and calculate the amount of student finance your child is eligible for. If additional documentation is needed, the SLC will notify you.
Further Information
Will I need to provide any further evidence?
In most cases, the only information you'll need to provide is your National Insurance number. However, there are some situations where you may be asked to submit additional documents to verify your financial circumstances. These include:
Marital Status
If you're divorced or separated, you may be asked to provide evidence of your current marital status.
Income
If you're living abroad, you may need to submit details of your income.
Private Pension & Additional Contributions
Information about any private pensions or additional voluntary contributions you make.
If you're asked to provide any of these documents, there's no need to worry - it's simply part of the process to ensure that your child receives the correct amount of funding.
