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Ep 69 - Student Living Costs
Manage episode 401249893 series 3426902
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Succeeding in your A level exams is vital for the school students wanting to go to university this autumn. But almost as important, as their studies, is working out how they will afford to live whilst they are at university.
The government has increased maintenance loans for undergraduates by 2.5% for students going to university this autumn. This comes after a 2.8% increase last year and two years of rapidly rising living costs.
Parents are not told how much they should contribute towards their children's living costs, but families with an income above £25,000 are on the hook for cash help even though their living costs have risen faster than their incomes.
The threshold for parental contribution to student living costs has not been increased more than 15 years.
This means that both parents and their children are likley to have difficulty funding university life.
So now is the time to start for families to have honest conversations and to work out how they will manage to fund university life without getting into debt.
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