Students in the United Kingdom are in need of financial guidance according to a report published by Unite, whose research has found that the average debt for students is £5,760. The report also showed that most students are reliant on funding from their parents or credit cards and loans to see them through their university days.
Parents are being encouraged to save for their children past the age that they would go to university and to try and help their children to be more financially aware in order to reduce the amount of debt that they incur whilst at university.
Our view
Many students do not obtain even part-time or summer time jobs whilst studying. An incentive scheme with tax relief for working would be a good idea, free funding would not. The loans are already virtually interest free as it is.