With this year’s A-level results looming, many parents and their would-be student children are apprehensively looking ahead to the big day.
New research has revealed that many young people and their parents may be significantly under-estimating the financial burdens of several years in higher education, however.
More than half of all parents and children say that they are preoccupied by the costs of university, with borrowing the biggest single source of anxiety.
Despite this, the Association of Investment Trust Companies (AITC) annual poll has revealed that young people estimate their borrowing at £6,199, half the actual cost of £13,500.
Parents proved little better, expecting their children to graduate with £7,080 in debt.
“Soon students up and down the country will be preparing to start their university courses in the autumn,” said Annabel Brodie-Smith of the AITC.
“However, it’s concerning that so few would be students and their families really comprehend the financial implications of going to university.
“Many young people go to university to enjoy some of the best years of their life but on graduation will find themselves struggling to repay their debt.”
This article: © Moneyexpert Ltd.