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University student budgets backed by grandparents

Bank of gran and grandad helps pay for uni

Grandparent and grandchild discuss student finance

Grandparents are offering their grandchildren a financial helping hand to fund university

Nearly three quarters of grandparents provide financial support to help grandkids through university or intend to do so, according to Which? University research.

In our poll of 1,598 Which? members with children or grandchildren, grandmas and grandads were likely to help out to the tune of £146 a month on average. Parents cough up an average of £363.

Living expenses, student gadgets and accommodation costs were the areas both generations would most likely make a financial contribution.

Which? University has brought together free information and advice on student finances, budgets and managing costs right here on Which.co.uk – head to our preparing for uni hub.

Help with student finances

Four in ten said they wanted to invest in their grandchild’s future, while around a fifth had already provided support to another grandchild. A loved one leaving uni with debt was the top concern shared by parents and grandparents of students intending to go in the next five years.

More than a third (35%) of those surveyed said that their child or grandchild could not afford to go to university without their help.

Our parents’ guide to student finance sets out what you need to know, including changes to student maintenance grants in England outlined in Wednesday’s Budget.

Previously available to students from households earning up to £42,620 per year, these will be replaced with an additional maintenance loan allowance for new full-time students from 2016. 

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