Articles > Parents take responsibility for Student Debt

Parents are having to find forms of finance other than their incomes in order to pay for their children’s education. With suggestions that government funded schools are becoming inadequate, and university fees reaching preposterous amounts, parents still want the best for there kids regardless of the cost.

Parents are looking to apply for personal loans in order to pay university fees to combat the fact that most if not all students will be in at least £9000+ worth of debt by the time they leave university. Although they’ll have a degree behind them, the market place for employment for the average student looks slim with most employers looking for graduates with experience.

Research shows that an average 40% of parents have children who do are not in debt to a student loan. The remaining 60% say they would consider taking on more hours at work, find a second income, take money out of their retirement fund, or even apply for a loan themselves, in order to save their children from the woes of student debt.

The typical state of debt in which most students are in by time they finish their degree is enough to put off parents from sending their children into higher education and it’s even enough to discourage students from wanting to apply in the first place.

Is this a trend set for the future? As parents are more responsible than your average student, is it a better idea for parents to fund their child’s future themselves or through a low interest personal loan rather than leaving students to fend for themselves with a massive debt hanging over their shoulders? Only time will tell, but at the moment with the way things are, the parents seem to have the idea. Even a bank wouldn’t let an 18 year old adult with probably no credit rating, and very little job prospects take on £10,000 worth of debt. It would just be irresponsible. At least the parents have come to realise this and are prepared to do something about it.