A parents guide to student finance

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  • A parents' guide to fees and funding

    Going to university is a big financial commitment and we understand that the costs involved are one of the most common concerns that parents and carers have. Tuition fees and help with living costs are covered by student loans. Other sources of financial support may also be available.

    Student loans

    The government provides student loans to cover tuition fees and some living expenses. Your daughter or son will apply for these through the Student Loans Company (SLC). The student loan is made up of:

    A tuition fees loan

    No fees are payable up front by any student. All first-time undergraduate students are eligible for a tuition fee loan of up to £9,250 per year. This is paid directly by the Student Loans Company to the University.

    A maintenance loan

    This loan is available to full-time students to help cover costs with living expenses. All students are eligible for a loan - the amount varies depending on household income.

    Find out more with Ten important facts about student finance

    Tuition fees for 2019 will be published in September 2018. Other threshold figures may also change. See the most up-to-date information about student loans and other financial support

    Applying for the loan

    If your daughter or son is applying for a tuition fee loan and a maintenance loan that depends on your household income, they’ll be asked to enter your email address in their application. The Student Loans Company will then send you detailed instructions on what you need to do.

    If they are applying for the tuition fee loan and the basic maintenance loan you won’t have to do anything as they will complete the application with their own details.

    Repaying the loan

    Your daughter or son won’t have to repay their student loan until they’ve left university and their income is over £25,000 a year. They’ll then repay 9% of any income over this amount, deducted automatically from their salary through the tax system.

    If their income drops below £25,000, repayments will stop. Any debt remaining after 30 years is written off. Unlike credit card or loan debt, student loans do not go onto credit files.

    The Student Finance calculator helps provide an estimate of the financial support that your child may be eligible for: www.gov.uk/student-finance-calculator

    Bursary schemes and scholarships

    Your daughter or son may also be eligible for extra financial help through a bursary or scholarship. These do not have to be paid back. At Oxford Brookes, these include the Oxford Brookes Bursary Scheme, a bursary for young people leaving care, and sports and community scholarships. Some financial aid is also available to enrolled students if they are unexpectedly facing severe financial difficulties.

    Find out more about our bursaries, scholarships and financial support

    Bursaries and scholarships and financial aid do not have to be paid back.

    Budgeting

    The average student spends around £10,850 a year on living expenses. See here for living costs including cost calculator and student Mollie Huckin's top tips on living within a student budget.

    ‘Plan your meals and do your food shopping online, that way you’re less likely to impulse buy.’
    Mollie Huckin, studying English Literature and Psychology

    Open Days and Applicant Days

    Find out more about funding and the financial support available by coming to one of our Open Days or Applicant Days where you can attend dedicated talks and meet staff from our Finance office.

    open day

    Useful websites