"Millstone" of uni costs exposed by firm

20/08/2009

The true costs of attending university have been highlighted by new data from The Children's Mutual.

According to the child trust fund provider, this year's intake could face a collective bill for £25 billion.

By contrast, those who took their exams in 2008 are thought likely to face a cost of just £22 billion by the end of their studies.

Separate polling data undertaken by the organisation showed that 87 per cent of young Britons are receiving some kind of financial help from their parents.

The strain caused by these payments is likely to be on the increase, with the UK still in recession and rising unemployment putting incomes under pressure up and down the country.

David White, chief executive of The Children's Mutual, said: "University can be as much of a millstone as it is a milestone. 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.

"For families planning to support their children through university, finding a lump sum to cover the costs can be very difficult. Often, parents are left with no other option but to dip into their savings or remortgage their house."

Tags; Housing Debt and Bills, Recent Graduate Debt,

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