If you’re a parent with a son or daughter in college or university – or if they are about to start – you may be worried about how they will manage their finances.
Student debt is a major concern for students and their parents alike. It’s been estimated that today’s students will graduate with an average £23,000 of debt, and the yearly increase in this figure is showing no sign of slowing down.
However, with the right balance of help and guidance, you can help to reduce the amount of debt your son or daughter takes on during this important stage of their life.
Financial assistance
Students may be eligible to receive student loans throughout their university education, but these are often not enough to maintain a comfortable standard of living.
Students may be able to take on a part-time job during their studies – but this is not always possible, either due to high competition for suitable jobs in the area or, in some cases, because their hours of study do not realistically allow for much part-time work.
Some parents may be in a position to provide some kind of financial assistance to help them along. Read full post…