Martin Lewis has told parents they must start saving now if their child wants to go to university.
Speaking on Good Morning Britain , Martin gave his Money Saving Expert tips of the week.
This included his warning to parents and prospective students.
According to Martin, 'tuition fees are the easy bit' .
First time UK undergraduates get them paid for them by the Student Loan Company.
You only repay them if and when you earn enough after you leave.
But maintenance (living costs) are a different issue.
Martin said: "Taking a maintenance loan - over half in many cases - is dictated by, effectively, a means test of parental income.
"The higher it is, the less they get. The reduction starts at just £25,000 total family income.
"The max total shortfall is over £15,000. Logic implies parents are expected to fill the gap. Yet they're never told. Students just get loans that aren't enough to live off."
To help Martin has launched a new free 'how much should I save for my child to go to University' calculator.
For example, if a student starts next year, the gap between the full loan and what you get, for someone living away from home outside London is:
- Total family income £35,000 - £3,900 contribution over three-year course
- Total family income £50,000 - £9,750 contribution over three-year course
- Total family income £75,000+ - £14,400 contribution over a three-year course
Martin says it means those with much younger children who may one day want to go to university should consider saving up now.
