New research has revealed that despite handouts from parents, 71% of Uni students will take out a student loan during the course of their studies.
As the costs of studying in British universities soar, students are still relying on parents and loans to see them through. In fact, almost three quarters of those in full time employment said that their children had to take out or would need to apply for a student loan at some point during their studies. However, almost a third of parents said that any funding they provided would be instead of their child having to take out a student loan.
As part of the study conducted by Halifax Unsecured Personal Loans, parents were also asked what options they would consider in order to help their child through university and what they would be willing to sacrifice in order to see their offspring attain their degrees.
Two thirds of parents questioned were happy to go without a new kitchen or bathroom (67%), a new conservatory (66%), or a holiday (65%) and more than half claimed they would give up just about anything to help financially support their child's education.
Neil Chandler, head of Halifax Unsecured Personal Loans, comments: "For most parents, taking your child to university for the first time is a proud but emotional moment. It is important to consider how best to support your child with the minimal amount of strain on your pocket as this commitment is likely to last for several years. “
Parents also seemed to be clued up with nearly three fifths of respondents believing that their children either have, or will need to take out a student loan to fund their time at university.
When asked what options parents had used or would consider in order to help fund their child's university education, almost two thirds would contribute their salary and 59% would use their savings.
Incredibly, over a third would consider either themselves or their partner getting a extra job or working longer hours to ensure their child’s educational success and more than one in ten would look at taking out an unsecured personal loan with a tenth considering re-mortgaging the house or selling the car.
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