Parents Urged To Help With Growing Student Costs

Fri, 03 Oct 2008

Investment firm M&G is urging parents to help students' cope with their increasing outgoings when they head to university .

According to joint research from the National Union of Students (NUS) and HSBC, the average UK student will have to pay £4,900 for their annual accommodation and living costs, with tuition fees setting them back an additional £3,145.

Students are entitled to borrow up to 100 per cent of their university tuition fee charges through the Students Loan Company, which is then repaid on a monthly basis once the student is earning a minimum annual salary of £15,000.

University-goers are also entitled to a maintenance loan to help cope with the cost of day-to-day cost of living. The amount of loan received depends on where they live and their family's income .

However, with the current economic climate driving up the cost of day-to-day living, students have been advised to get all the help they can, especially from their parents.

Jonathan Willcocks, managing director at M&G investments, said: "As a parent myself, I am very aware of the demands that children can make on your finances, so by investing regularly in an actively managed fund such as the M&G Recovery Fund, parents can look to ease the strain with an investment that grows over the long term."
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