"Parents and grandparents are shouldering an unprecedented £2.8 billion a year to support students through university, as the soaring cost of higher education leaves families footing the bill. New research shows that 71 per cent of parents are either contributing, or planning to contribute, financially towards their children's time at university. The average outlay per family now stands at £8,723 annually. With more than 328,000 students enrolling in UK universities this year, the financial burden on households has reached a record high."
"The pressure is being fuelled by a combination of rising tuition fees, which are set to climb by 3.1 per cent this academic year, and living costs that far outpace the uplift in student maintenance loans. As a result, families are being called on to bridge the gap, covering everything from groceries and rent to utilities and academic supplies. For many, these costs are becoming unsustainable. Meanwhile, graduates themselves are leaving university burdened with debts of around £50,000 on average - the heaviest debt levels faced by any generation."
71 per cent of parents are contributing or planning to contribute financially towards their children's time at university, with average household contributions of £8,723 a year. Over 328,000 students enrolled in UK universities this year, pushing household burdens to record levels. Rising tuition fees, set to climb by 3.1 per cent, and living costs that outpace maintenance loan uplifts force families to cover groceries, rent, utilities and academic supplies. Many families find these costs unsustainable while graduates leave with around £50,000 average debt and repayments that can stretch across decades. Prioritising savings can help protect household financial freedom while supporting students.
Read at Business Matters
Unable to calculate read time
Collection
[
|
...
]