Parents and children clueless about the cost uni

Both parents and prospective students massively underestimate the cost of going to university.

The average student currently graduates with debts of £13,500 - and this is set to soar as top-up fees of up to £3,000 a year are introduced for this year's freshmen.

However, when asked to estimate how much debt they would be in after university, the average prospective student thought £6,199, less than half the current figure.

And their parents fared little better, predicting that their children would graduate with debts of £7,080, a report from the Association of Investment Trust Companies (AITC) reveals.

"It's alarming that so few of tomorrow’s graduates or their families really comprehend the financial implications of going to university," said Annabel Brodie-Smith of AITC.

"This year parents and future students have underestimated by a greater margin the amount of student debt they will face on graduation despite the publicity surrounding the introduction of top-up fees from September.

"Many young people go to university to enjoy some of the best years of their life but on graduation they find themselves struggling to repay their debt."

And the prospect of financial troubles is a large cause for concern.

Most would-be students (55 per cent) are concerned about finances, with 45 per cent of parents also worried.

However, some teens are looking to get round the cost by relying on the bank of mum and dad.

More than one prospective student in five (22 per cent) expects their parents to foot the entire bill for their university years, and they might well get away with it - as 33 per cent of parents seem resigned to this fate. XXX