Education is vitally important in the employment market today, leading to more students now needing extra funding to cover their university costs.
A study by the Halifax found that almost sixty percent of parents said their children either have, or would need to have, a student loan to fund going to university. Undergraduates fared even worse, with the number needing to borrow money to continue studying up above seventy percent.
It is often the role of the parents to source the extra money students need, primarily because the parents are in a much more stable financial environment and so can be seen as better credit risks. The Halifax advise parents to seriously consider how much they intend to borrow as debt could last for several years. At the moment about ten percent of parents are considering an unsecured loan to help their children through university.