Parents around the country may have finally have gotten rid of their teenagers as they head of to university this month- but don't get too excited Mum and Dad as a students favourite source of money is still their parents,
One in five university students will be living with their parents in the coming academic year, showing while some banks may have suffered during the recession, the ‘Bank of Mum and Dad’ is alive and kicking.
A survey of undergraduates has found that while 42% will be living in private rented accommodation nearly one in five (18%) will be living at home with their parents, with or without paying rent.
It appears students under-estimate how costly rent can be (18%), with energy bills (14%), text books (14%) and tuition fees (11%) also proving more costly than expected.
The research by Wilkinson shows over half of parents (52%) will also be involved to some extent in kitting out their off-spring for the new term.
But while students and parents alike may be feeling the pinch this year, it seems for those moving into student accommodation, style and quality will not be compromised: nearly half (46.3%) plan to buy new kitchen equipment - cutlery, mugs, pots and pans, tea towels, utensils - for their new home, even if their student house was already furnished.
Bigger items are ‘a must’ too; a third (29.1%) plan to replace the mattress in their furnished flat, and just under a quarter (24.4%) will replace the entire bed!
The survey shows even with the support of their parents students are having to resort to other means to fund their university days. Almost three quarters admit to planning to take out a student loan and almost a fifth (17%) are planning to rely on credit cards, overdrafts or other personal loans.
Jane Furnival, dubbed ‘Queen of Thrift’ by GMTV and The Guardian, presenter of BBC-1’s Smart Spenders, and author of Smart Saving Tips and the Mr Thrifty books, says: “I’m the mother of two students. One is thrifty and one is not! So I have inside info on how students can make it through college without going broke. Check out my top tips below.
'Keep calm and carry on’ is great advice when you feel panicky about money. With a bit of planning from everyone, you can get through it, with some cash left for having a good time too.
“If they can’t offer much cash support, parents can give knowhow and practical help. Grandparents and family friends: give cash for birthdays and Christmas, and send cakes!
“Student loan repayments only kick in when you’re earning and you repay a few pounds a week. Also, two-thirds of students are eligible for £3000 a year of free government grants – separate from loans. There are hardship funds, scholarships and sponsorships, too, so ask.
Jane has revealed below her top tips for students:
Top Tips for students:
1. When you get a reading list, don’t rush out and buy the lot, new. Try your local home library, and if they don’t have it, they will order it for you. Then try university libraries. Then talk to old students, if you can, to find out what’s really needed. Then try to share with other people on your course. Only if all else fails buy a new book. Lots of places allocate students a 'buddy' from the year above. Stay in touch; ask them to sell you their textbooks.
2. Socialise and get paid for it - go for a job in the student union bars and cafés. They're gold-dust at the start of term, so get moving! Other on-campus jobs are worth seeking out too, saving travel costs and time.
3. Get a bicycle. It gives you control over your travel costs and you're not waiting for buses and taxis. If you know how to fix bikes, go for second-hand. Some universities have sales at the beginning of term of abandoned bikes left over from last year. Search for police auctions on the Internet, but don’t get ‘auction fever’ and pay more than is sensible. Or join Freecycle on the Internet and wait for one to come up absolutely free.
4. Check out Wilkinson stationery deals - 69p for an 80 sheet refill pad and buy one get one free; two for ones and three for twos and deals on things like pens. If you’re short of furniture, look at Wilkinson’s garden or camping furniture - it’s cheaper and lighter.
5. Two-thirds of students are eligible for free money – that’s a Government grant, not a student loan, of up to £3000. Check with your local authority. Also check out other sources of income from scholarships - including sports and music - plus hardship grants, not forgetting sponsorships. The Army and other organisations can pay your entire uni costs and provide a guaranteed job at the end.