Not even our parents can afford to pay soaring university fees

The bank of mum and dad is running dry

evil george osborne fees maintenance grants mum and dad too expensive university

It will take your parents eight long years to pay for you to go to uni, according to a new report by loaded bankers at HSBC.

A staggering 71 per cent of parents agree that a university education is extortionate, but almost half think that a degree is necessary for their kids to achieve their life goals.

The annual HSBC education report also revealed how its not just rich kids who get their fees paid by their mummy and daddy.

In fact, 90 per cent of parents contribute to their child’s tuition fees and living costs.

Perhaps they just feel guilty about causing the recession.

‘You won’t be going to university, dear’

Catherine Connellan, Head of UK wealth at HSBC said: “With the average cost of tuition alone around £9,000, it can be the biggest financial commitment families make aside from a mortgage.

“Many parents feel a responsibility to help pay for their children’s education but despite best laid plans, by the time their children reach university age, parents haven’t saved as much as they had intended.

“With the cost of university continuing to rise, planning ahead can help ease financial pressure. Being prepared by understanding options available and taking action early can give parents the confidence that they can support their children through university in years to come.”

Some banks of mum and dad are doing better than others

The study comes just a week after cruel George Osborne scrapped maintenance grants for the poorest students in his latest budget.

Under the new system, grants – worth up to £3,387 per year – will need to be paid in full after graduation.

Another survey found that one fifth of students are abandoning their hopes of going to university, since the latest Tory assault on student finance.

Community Director  of The Student Room, Jack Wallington, made it clear that impending debt is a real turn off for potential university students.

He said: “We constantly hear from our members that debt is an issue that keeps them awake at night.”