University is a financial struggle for parents, says the Children's Mutual

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University is a financial struggle for parents, says the Children's Mutual

Thu 20th Aug 2009

Parents can sometimes be forced to remortgage their house to pay for their children to go through university, according to the Children's Mutual.

The organisation claims that students need around £42,000 during for a three-year course and it is often the parents who fund at least some of the bill.

David White, chief executive of the Children's Mutual, commented that while it is a happy occasion when you send your children off to university, it can also be a real financial strain.

He said: "Often, parents are left with no other option but to dip into their savings or remortgage their house. This can have a serious impact on their own financial futures."

Research from the Children's Mutual indicated that this year's A-level graduates will spend up to £25 billion in total over the course of their degrees.

Meanwhile, Halifax revealed that the average weekly costs for students across the country currently stand at £193.50.

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