Martin Lewis appeared on ITV's Good Morning Britain to discuss his money-saving tips of the week.
The Money Saving Exper t's advice included a warning about student loan shortfalls and encouraged parents to save to send their child to university.
Martin told viewers that when it comes to university, "tuition fees are the easy bit" and instead outlined the costs to look out for, reports The Liverpool Echo .
He pointed out that first-time UK undergraduates get tuition fees paid for by the Student Loan Company, and that former students only repay these if and when they earn enough.
When it comes to maintenance (living costs), however, that is 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 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 parents out 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.
