Parents to suffer financially for child’s university degree?

Parents willing to fund their children’s time at university may be placing themselves at risk of future debt by doing so, it has been suggested.

New research from Barclays has shown that while only 43 per cent of students believe their mums and dads are willing to help them out with money, 77 per cent of parents admitted they will make significant financial contributions.

And although university goers think their folks will shell out £4,000 to enhance the academic experience, the real figure is more than double that – at just over £9,000.

The research predicted it will take mothers and fathers an average of five years to pay back such monetary aid, based on a typical three-year course costing around £25,000.

An even greater expense would therefore be incurred by an average family that sees two members go on to higher education, while the costs will escalate further for those households with numerous children.

Moreover, of the youngsters expecting help from their parents, nearly half believe their mums and dads have been putting cash aside for when they head off to university.

In reality, though, just 29 per cent stated they have been saving for this cost.

And it appears some parents are willing to make significant sacrifices to ensure their offspring reach the higher tier of academia.

Almost half will not purchase a new car, carry out home improvements or take a holiday as a consequence of the payments, while more than a quarter will be dipping into savings initially reserved for other things.

Endsleigh recently recommended pupils take extra care of their belongings when they move to student accommodation after calculating the average undergraduate will be packing possessions worth around £4,000.

By Amy White