Martin Lewis has issued a stark “warning” to parents whose children want to go to university, informing them that they will “have to start saving now” due to a “hidden” cost.
Appearing on This Morning on Tuesday (9 September), the Money Saving Expert explained that the amount given to students for their living loans is means-tested on family income.
“Now just to show you how tight the means testing is - if you have family income, that could be two parents, of over £25,000, your child starts to get a smaller loan.”
Lewis said that despite inflation going up by 64 per cent since 2008, the £25,000 figure has remained the same. He said this “outrageous” policy means parents will have to start saving early to ensure their child has enough money for living costs.
He said that whilst it’s the “last thing anyone wants to hear”, parents need to “start planning now”.
