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How much money should parents give children at university?

Journalist: Marc Shoffman, Freelance

ended 26. July 2023

I am writing a guide for the Daily Telegraph looking at how much parents should give their children to support them while at university.

I am keen to cover how a parent's income affects the maintenance loan students can get and whether you should top up the amount your income made them 'miss out' on.

Also keen to weigh up factors like whether a child is living somewhere with high or low living costs, what to do if you have more than one child at uni.

What are the pros and cons of not giving your child any money while they are studying.

Kind regards

Marc


 

1 responses from the Newspage community

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Joshua Gerstler
Chartered Financial Planner at The Orchard Practice
"Having a child away at university can cost more than having a child at home. As well as tuition costs, you will also need to consider the cost of their accommodation. This is not cheap in most places, especially when previously they have been living at home with you. They are no longer part of your weekly food shop and will need money for groceries which even if it is just beans on toast everyday, the cost will soon add up.

If you have more than one child at university at the same time, the ideal scenario would be to have them in the same city so that they can share living accommodation and reduce the costs. However, I am not sure this would be a popular solution for most siblings.

Even if you are fully funding your child through university, encourgaing your child to take on some part time work is a great way for them to start to understand the value of money and appreciate what you are doing for them."