Smart university budgeting for Manx families by John Condon
by John Condon, Senior Independent Financial Adviser
With AS/A Level and GCSE results due next month, it’s the perfect time to recap the current support available from the Isle of Man Government.
I hope this is useful for parents whose children are likely to attend university in the coming years. Good luck to everyone, whatever route you decide to follow.
All information included in this article is accurate as of July 2025.
Tuition fees
Tuition fees are currently up to £9,250* per year, with all Isle of Man resident students required to contribute a minimum of £2,500** annually. The Department offers a student loan to cover this contribution, repayable only after the student completes their studies and earns more than £25,000 per year.
Additionally, the Department may contribute up to £6,750 per year toward tuition fees, subject to means-testing. Support starts to reduce once household income exceeds £112,000***, and no support is available for incomes above £132,000***.
Maintenace grants
Means-tested maintenance grants** are available to help with day-to-day living costs. Eligible students can receive up to £8,100 per year, rising to £8,640 for those studying in London or overseas.
Support gradually reduces when household income exceeds £21,547, and is no longer available once it reaches £70,145 (or £73,386 for London or overseas students).
The Department provides means-tested maintenance grants** help to cover day-to-day living costs:
- Up to £8,100 per year is available (£8,640 for London or overseas study)
- Support is reduced where household income exceeds £21,547
- No support is available once income exceeds £70,145 (or £73,386 for London/overseas)
Reality for Manx students?
The true cost of university life often extends well beyond tuition. A 2024 study by ‘Save the Student’, based on responses from 1,000 students, found that the average monthly living cost was £1,104 – over £13,000 per year – driven largely by inflation and housing.
Manx students should also factor in the following additional expenses:
- Travel costs on and off-Island
- Storage and accommodation during holidays
- Initial move-over expenses
For those who are not entitled to help from the Isle of Man Government, budgeting for £20,000 a year is a a good starting point.
So what does this mean in practice?
Even with full government support and access to student loans, families may still need to cover shortfalls. Personal loans, part-time jobs, and budgeting strategies can help bridge the gap—but planning ahead is key.
Parents should prepare for costs such as living expenses beyond the grant, unplanned travel or emergency needs, and extracurricular activities like sport or social events. For families not eligible for government support, the total annual cost can exceed £22,000.
If you’re supporting more than one child, considering study abroad, or planning for postgraduate studies, your financial planning will need to stretch further. And while current government support may be generous, policies can change—so it’s wise not to rely on it entirely.
At worst? Any extra savings you set aside could go toward your child’s first home—or even a well-earned break for you once they’re off and thriving.
Useful links
Eligibility to receive a grant?
What financial support is available?
How Manx students are ‘means tested‘
Apply for a student award
See what bursaries are available
Want to talk it through?
If you’d like to discuss how to make a financial plan for your family’s future—or learn more about our regular investment solutions—please get in touch.