As parents/carers money will probably be a big concern. You may already have lots of financial commitments, or other children living at home with you. The key to overcoming these concerns is discussing issues with your student and doing your own research.
Your students school or college may arrange a finance evening for parents and students. This is the best way to get information as you will probably be able to talk to staff from the Education Authority and/or Aimhigher. They will know the latest figures and be able to advise you on how to complete your form and other issues.
If your child is under 21 and still living at home then yours and your partners income will be assessed to decide how much student loan your son or daughter is entitled to. If you are divorced or separated and living with a new partner then they will include that partner in your household income. You and your partner will need to provide evidence of earnings, and other documentation so it is important that you have these items to hand when you come to complete your form.
You may feel you are able to contribute some money to your child every week or month and may want to set up a standing order to do this. Not all parents can afford to do this and the student loan is designed to cover living costs for students from families on low incomes.
It is a good idea to sit down with your son or daughter and devise a budget to work out how much everything will cost, how much they might be able to earn from a part time job, and how much money they will have for 'fun stuff' at University.
The main thing to remember when applying for loans is to get your forms in on time. Late forms can mean that your son or daughter is without money for the first few weeks of University.
For up to date information on Finance you can read more on the Student Finance Website
