University a “millstone” for many parents
The cost of putting their children through university is forcing some parents to remortgage their home, The Children’s Mutual revealed this week.
Students starting university this year will spend an average of £42,000 during their three-year course, and many parents will be expected to fund the majority of this bill.
“University can be as much of a millstone as it is a milestone,” said David White, The Children’s Mutual chief executive.
“While parents will be pleased about their children’s successes as they receive their A-level results and many look forward to university, the high costs involved can be a real financial strain to a huge number of students and their parents.
“Often, parents are left with no other option but to dip into their savings or remortgage their house.”
In total, undergraduate students starting university in 2009 will spend £25 billion, nearly £3 billion more than students who started last year.
Currently 87% of students receive financial help from their parents.
The Children’s Mutual said for parents with younger children, putting aside money in a child trust fund could significantly contribute to university costs when their child reaches 18.