August 10, 2007

Parents fail to save for kid’s college

It will not be long before the school leavers will be getting their “A” level results, but while they are planning their future at university or college. Their parents have however been neglecting to save any money for their children’s future.

Research has found that around 91% of parents would like to see the university system return to the old style funding, with grants etc, and 70% have not made any provision to send their children to university.

Even after this, universities are still seeking to raise the £3,000 cap on tuition fees, however on the other hand the national union of students estimate that the average debt for students graduating in 2006 was around £13,252. And although the loan does not need to be paid back until the student is earning enough, it is still starting off life with a major debt hanging over their heads.

Source [Money Extra]

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