Students still reliant on parents' finances
Oct 17, 2006
Many students are still heavily reliant on the bank of mum and dad for contributions towards their living costs, new research reveals.
Students studying in Birmingham received £152.50 per week on average from their parents, while students in the capital were not far behind, receiving around £148.60 from their parents' pockets each week.
Parents from Liverpool were the least generous of the 26 university towns surveyed, but still contributed £43.40 a week to help their student children. New research from Sainsbury's Bank found that parents of students heading off to university this year could be taking out personal loans worth as much as £53.8 million to help cover rising tuition costs. In addition to the students loans taken out at the same time, the net borrowing activity related to studying in the UK looks very large indeed.
Increases in tuition fees from £1,175 to £3,000 this summer could lead to a rise of between 17 and 21 per cent in the cost of living for students, the bank said.
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