Industry News
Parents unaware of "true cost" of university
Posted on 27th July 2007
Many parents underestimate the cost of sending their children to university, according to a new report.
Research by the Association of Investment Companies (AIC) found that the average debt a student finds themselves with when they graduate now stands at £13,252.
The organisation's survey revealed that parents incorrectly estimate the cost of university to be under £10,000, while 26 per cent expect to finance their son or daughter's time at university themselves.
Daniel Godfrey, director general at the AIC, said: "Whilst it's important to remember the many positives of a university education, it is a concern that so many parents and students still underestimate the true level of graduate debt."
Students could find themselves in financial difficulty if they and their parents do not understand the "financial implications" of university education, he added.
New research by Scottish Widows found that 56 per cent of graduates have yet to buy their first home – three per cent more than in 2006.