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Debt advice could allow parents to fund student kids

Debt advice could allow parents to fund student kids

- Tuesday, 1 September 2009

Increasing numbers of university students are having to work to help fund their studies as a result of diminished assistance from parents.

That is according to research from Halifax, which suggests that 73 per cent of students now have to work through their education, compared to 66 per cent in 2008.

Parents that are struggling to assist their children through university might consider seeking professional debt advice.

Nearly half of UK students now have part-time jobs during term time in order to cope financially, with the third year of study said to be the year in which most people will have to work.

Mike Regnier, current account director for the Halifax, said: "Our research shows that more and more students have to work to fund their university studies.

"Many students said they expected their parents to withdraw the financial support they had given in previous years."

It was recently revealed that students who took out loans before 1998 will have the interest rate set at -0.4 per cent, meaning that the debt owed will reduce, even if no repayments are made.
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