University costs more than you think
Parents and students underestimate the cost of university by at least £3,000, a study has revealed.
Many parents and would-be students were found to be unaware of the true cost of a university education, which currently stands at £13,252.
Daniel Godfrey, director general of the Association of Investment Companies (AIC) said: “It’s a concern that so many parents and students still underestimate the true level of graduate debt.
“Such misunderstanding could put them in serious financial difficulties.”
When asked how much they thought a university education would cost, the average student said £7,869, while the average parent estimated that it would be £9,834.
So while parents were slightly more realistic expectation of what their university education would cost, they still underestimated it by more than £3,000.
AIC’s study also revealed that more than one in five students expect their parents to fund their entire university education, with only 25% opting for a student loan in order to fund themselves.