With the increased university fees, and the cost of accommodation whilst living away from home not totally covered by a student loan, it seems that it is impossible for students to manage their finances without either income from a part time job whilst studying or some help from the bank of mum and dad or grandma and granddad.
New research out today by Which? University shows that as many as three quarters (72%) of grandparents are providing financial support to help their grandchildren through university, while nearly all (95%) parents contribute.
According to the survey, half (50%) of parents and grandparents wanted to offer financial support to help their children or grandchildren avoid excessive debt after university, while almost half (47%) have a desire to invest in their future. More than a third (35%) of those surveyed said that their child or grandchild could not afford to go to university without their help.
Alex Neill, Which? Director of Campaigns, said:
“It looks like choosing where and what to study is fast becoming a family affair, with not only parents, but now the majority of grandparents providing financial support for university.
Have you had experience of helping to fund a child or grandchild through university? Do you expect to be involved in helping them to think through their university and course choices? What advice would you offer others to help them through this process?