Parents to spend £17k on child’s university costs

Parents anticipate spending £17,165 on average to support their child's future university costs, a report by Lloyds Bank has found.

According to the responses of more than 2,000 adults, parents who expect to send their children to university think it will cost them an average of £5,721 a year.

Lloyds said this would have been more than enough to cover the total cost of tuition fees at every university in the UK 10 years ago.

Two-thirds (66%) of parents now expect to help their child with the various costs of attending university, while only 14% don't think they will need to offer financial support at all.

The main expenses parents plan to cover include accommodation costs (65%) and essential items for their child's study (64%).

Other costs include tuition fees (58%) and travel to and from classes (52%).

Robin Bulloch, Lloyds Bank, said:

"The costs associated with going to university can mount up quickly, and often it's unexpected costs that rack up the bill.

"It's essential to take some time to consider the many expenses that may arise and budget for how these will be covered."

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