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PPI refunds: University 'costs £53,330 per student'

Thousands of young people are making student loan claims and preparing for university, but they may be unaware how expensive it actually is.

Research from LV= has found the total cost of higher education for the current batch of university starters is set to reach £53,330 per person, with the average university charging £8,770 in fees.

The price of accommodation is the second-highest financial burden, which typically costs £4,159 over the year, with this followed by £1,440 budgeted on food and £1,331 on leisure.

Many parents seem keen to help their children avoid loan charges, with 20 per cent willing to cover the total cost of university and 28 per cent expecting to pay for part of it.

However, 21 per cent of parents with children under the age of 18 said they expect their offspring to go on to higher education but admitted they have no idea how they will afford it.

LV='s Cost of University study was completed by Opinium Research on behalf of the insurance company, with 2,010 adults completing the poll.

"The huge cost of attending university makes it a massive financial commitment," LV='s head of protection Mark Jones said.

Amir Hussain
Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801431461-ADNFCR

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