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University costs an added strain for all ages in the recession

University costs an added strain for all ages in the recession

- Thursday, 9 July 2009

The cost of paying for university in the recession is affecting not only students, but their parents and grandparents too, according to the Association of Investment Companies (AIC).

Figures show that 74 per cent of parents believe the recession has increased the financial strain of contributing towards university costs.

So difficult has it become to cope in many families' circumstances, that 12 per cent of students are no part-funded by their grandparents.

With entire families working to put one member through university – who themselves are racking up thousands of pounds of debt – debt advice requirements for all generations could rise for the sake of one.

Annabel Brodie-Smith, communications director at AIC, said: "Clearly the recession is making it harder for today's parents to help fund their children's university education.

It's particularly concerning in this economic climate that many students and parents fail to understand the true levels of debt they will face on graduation."

AIC revealed that 30 per cent of students would take a higher paid job over a degree-related job.
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