My child is only entitled to the basic amount of maintenance loan, (£3,928) due to our household income. How much would we need to give them, to make up the shortfall?
This decision is entirely between the parents and their child, and will ultimately be determined by what you feel you can afford, and the lifestyle expectations of the student. However, as a rough guide we would suggest that the minimum they would need to live on, if living away from home in student halls, or a shared house, would be similar to the full student finance awarded to those with the lowest household incomes, where no parental contribution is expected. (ie around £8,500 per year). Students can potentially supplement their maintenance loan with income from part-time work, and maybe gigs, in addition to the bank of Mum and Dad! We would also advise that students have a student bank account, so that they have access to an interest free overdraft. Although it has to be paid back, an overdraft can help with cash flow at the start and end of term, as long as the student understands that it’s critical that they do not exceed their agreed overdraft limit.