Uni is expensive. First, there’s the huge loan you have to take out just to pay fees, then there’s all the costs that come with living on your own for the very first time and making sure you have a social life. Some students have to find the funds completely independently but others are able to depend on their parents to help fund student life, or at least part of it.
In a survey for the Times, consultancy High Fliers has discovered the universities at which students are likely to get the most financial help from their folks.
The survey interviewed around 14,200 students who graduated this summer from 30 universities. It found that 75 percent were given money by their parents while at uni and across all three or four years received an average total of £16,000.
Students at Imperial College London received the most from the Bank of Mum and Dad – £31,700 altogether.
Students at the University of Edinburgh receive the second most money with £25,200, followed by University of Bath students, with £22,300. Durham and St Andrews students were fourth and fifth on the list receiving £21,600 and £20,600 respectively.
Martin Birchall, managing director at High Fliers, said: ‘The real cost of living at university now far outstrips the maintenance loans that are available to students to pay for their living costs during their degree — and the gap continues to widen each year.
‘Half of students at UK universities say they have struggled financially during their degree and without substantial financial support from their parents they would not have been able to complete their courses. It is crucial that school leavers and their parents understand the real costs now involved in getting a degree.’
You can read the Times’ full study in the original article here. In another recent parents-focused study, did you see that this UK university city has been named best for parents to visit? Plus, here are the best universities in the country according to the Sunday Times.
Uni on a budget
Being a student is tough on the ol’ bank account, we know. Luckily, Time Out has a few guides to help you save some cash here and there and still have a good time. Here’s how to have an (almost) free night out in London, how to live a bougie London lifestyle for student prices, 50 fun things to do in London for less than the cost of a pint. As for the rest of the UK, here are Edinburgh’s best cheap eats and the best affordable scran in Manchester.
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