Debt management could help parents cope with rising university costs

Thursday 20th August 2009

The cumulative cost of attending university for this year's school leavers could rise to as much as £25 billion.

That is according to Child Trust Fund Provider The Children's Mutual, which indicates that the figure equates to an increase of £3 billion on last year. The new total could see a rise in the number of parents struggling to support their child.

Those who are suffering from such a predicament could find speaking to a debt management specialist a useful way of staying on top of increased outgoings.

The Children's Mutual suggests that the average cost of university per person will rise to £42,000 for a three year course, with this figure likely to be higher in subjects with extra costs such as expensive books.

Further research suggests that 87 per cent of people in the UK receive financial help from their parents, with contributions towards university one of the areas in which assistance is expected.

The Children's Mutual chief executive David White said: "The high costs involved [in university] can be a real financial strain to a huge number of students and their parents.

"For families planning to support their children through university, finding a lump sum to cover the costs can be very difficult. This can have a serious impact on their own financial futures."

For those that are struggling to cope with the financial burdens of university, seeking professional debt management advice could be of help.

The minimum wage for apprentices was recently increased from £80 to £95 per week in a bid to encourage more young people to consider this route into employment.

News article brought to you by Debt1 – UK debt management specialists

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