The parents of young people hoping to go to university are becoming increasingly worried about student finance due to the introduction of higher tuition fees .
Student Money Saver - a website edited for students by their peers that believes it can save university goers around £1,500 a year - has revealed mothers and fathers are likely to waste thousands of pounds attempting to clear their offspring's student loan debt due to general confusion regarding the updated process.
According to the organisation, the new setup is proving a source of constant concern for mums and dads in the UK.
As a result, a high number of families are borrowing money in an attempt to make sure their children have the finances available in order to pay their way through higher education.
However, students will not be required to pay back what they owe until they are in a full-time job and earning more than £21,000 a year, while the arrears will be completely written off after 30 years.
This suggests the money invested by parents could start to disappear as time goes by.
source=studentloans.co.uk
Student Money Saver - a website edited for students by their peers that believes it can save university goers around £1,500 a year - has revealed mothers and fathers are likely to waste thousands of pounds attempting to clear their offspring's student loan debt due to general confusion regarding the updated process.
According to the organisation, the new setup is proving a source of constant concern for mums and dads in the UK.As a result, a high number of families are borrowing money in an attempt to make sure their children have the finances available in order to pay their way through higher education.
However, students will not be required to pay back what they owe until they are in a full-time job and earning more than £21,000 a year, while the arrears will be completely written off after 30 years.
This suggests the money invested by parents could start to disappear as time goes by.
source=studentloans.co.uk
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