11/06/2026
University is exciting for students… but for parents, it can feel financially overwhelming.
From student loans and budgeting to hidden costs and travel expenses, there’s far more to think about than tuition fees alone.
Did you know the amount your child receives in maintenance loans is linked to household income? Under modern student finance rules, the government assumes parents will bridge the gap.
The reality? Recent data shows the average UK student spends around £1,142 a month on living costs, but the average maintenance loan only provides about £640 a month.
That leaves parents and students facing an unexpected shortfall of over £500 every single month.
Before university starts, it’s worth helping your child understand:
Budgeting for rent, food, utilities and social life
Hidden costs like TV licences, contents insurance and broadband
Student discounts, railcards and hardship funds available
How modern banking apps can help track and manage daily spending
If providing a direct monthly allowance feels difficult, there are other tactical ways to support them, from covering a phone contract to contributing directly towards travel or groceries.
The money-management habits students build now can stay with them for life, so having open conversations early can make a huge difference.
Are you prepared for the real cost of supporting a child through university?
