October 8, 2013 Leave a comment
Millions of grandparents expect to have to help fund their grandchildren through university as students continue to struggle with high tuition fees
More than 360,000 grandparents have already helped out with funding their grandchildren through university but this figure is expected to rise as more students struggle to cope with the cost of university tuition fees, researchers found.
Around one in eight over 55s think they will need to contribute to fees of around £9,000 a year, with many dipping into their savings to help out their grandchildren when they go onto higher education.
Experts warned that with extra pressures on finances for the under 55s, grandparents need to plan if they want to help their grandchildren.
Researchers found as people got older more expected to make a contribution, 10 per cent of those aged between 55 and 64 planning to help with funding, which increased to 15 per cent for the over 65s.
Around 637,456 students applied to university in 2013, compared with 618,247 in 2012, which suggests people could be using their families to help them pay fees.