Parents may need debt advice to cope with uni costs
Parents may need debt advice to cope with uni costs
- Tuesday, 24 August 2010More parents are likely to need
debt advice in order to cope with the burden of sending their children to university as the after-effects of the recession are felt.
That is to be inferred from new figures released by the Association of Investment Companies (AIC), which indicated that 82 per cent of parents say they are finding it harder to cope with university costs since following the recession.
With nearly half of all students (49 per cent) expecting to be laden with debts for at least a decade after graduation, the AIC paints a bleak picture for the future finances of the nation's young adults.
On a positive note, however, research indicated that most students remain more realistic on student debts - which will typically run to £24,702 for those starting in 2010 - than their parents.
Ian Overgage, acting communications director of the, AIC said: "Clearly the recession has made it even harder for parents to fund their children's university education.
"Many young people go to university to enjoy some of the best years of their life but the reality on graduation is a huge financial burden which will take years to pay off."
Meanwhile, the Consumer Credit Counselling Service has reported that it is seeing more calls for help on its national debt helpline from people struggling to cope with the financial strain of losing a spouse or partner.
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