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IVA debt solution for Uni parents
16/07/2010
IVA debt solution for Uni parents
Parents with children at university could need debt advice to help them check the suitability of debt solutions such as an IVA or a Debt Management Plan as a new survey has found that the recession has increased the financial burden of further education for both parents and students.
According to the Association of Investment Companies (AIC) annual survey into attitudes towards student debt, over three-quarters (83 percent) of respondents thought that the recession was making it harder for parents to fund their child through university, a figure that has risen from 73 percent since last year.
The extra burden of supporting youngsters through their expensive University courses could be enough to push some parents over the financial edge as they struggle to meet debt repayments on unsecured borrowing such as personal or car loans.
The average student is expected to graduate with over £20,000 of debt in 2011, much of which is likely to be shouldered by their family.
A quarter of parents questioned said that they would be the main source of funding their children's university education and 12 percent said that grandparents would be making some contribution as well.
Less than half of students actually take out a student loan as their main source of income.
Annabel Brodie-Smith, Communications Director for AIG commented that "Clearly the recession has made it even harder for parents to fund their children's university education. It is worrying that so many students and their parents are still underestimating the true cost of going to university."
"Many young people go to university to enjoy some of the best years of their life but the reality on graduation is a huge financial burden which will take years to pay off."
It comes as the Vince Cable, the coalition government's Business Secretary, has proposed a variable graduate business tax that could increase the future debt burden on many students who are obliged to pay back more for their education.
If funding your child's education is starting to lead to debt problems as the repayments on unsecured loans build up, then call ClearStart today to see how our debt advice can help.
If you owe more than £3000 then a Debt Management Plan may be the most effective solution.
If you owe more than £15,000 then an IVA from ClearStart could help you to completely eliminate your debt rather than just trying to scrape by.
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