Aug 15 2006
Parents hoping to help their children finance a university education should consider starting to save now to cover some of the £33,000 cost.
Tuition fees, rent, utility bills, books, groceries and going out are just some of the expenses that create an average combined cost of £33,512 for a three-year degree course, according to a new survey by NatWest.
Students now expect to graduate with £14,779 of debt which is an increase of more than £1,000 compared with last year.
"Despite the anticipated cost of university rising by 17 per cent on 2005, students are taking it in their stride and cutting back on their spending, meaning they only expect to graduate with eight per cent more debt than those not paying the increased tuition fees," said Mark Worthington from NatWest.
"University really plays a huge part in shaping a person's future. It not only gives them the educational background needed to really succeed in the world of business but it teaches them valuable life lessons that enable them to stand on their own two feet successfully."
Two thirds of parents help to finance their children's university education and almost 30 per cent give their kids regular amounts throughout the term.
For those planning to invest funds for their children's future, Barclays offers a range of options, for more information click on our free brochures page.
