Parents set to feel the strain of rising student fees
Parents in the UK are likely to experience a significant squeeze on their own finances as their children face up to sizeable increases in their tuition fees over the course of the next few years.
Students and young people around the country were angered when the current coalition government announced its controversial decision to increase the cost of attending university but the full ramifications are still to be felt. Parents play a key role in the student finance process and their bank balances are likely to be hit increasingly hard in line with a rapid rise in tuition fees.
Number of Scottish EMA recipients down on last year
There were notably fewer recipients of the Education Maintenance Allowances (EMAs) in Scotland in the academic year 2010-2011 than was the case in the previous 12 months, according to the latest figures on the subject from the government.
EMAs were first made available to young people in Scotland in 2004, with the aim of helping teenagers from lower income backgrounds ensure they can attend their sixth-forms and colleges. But the number of students in receipt of the allowance fell from 37,230 to 34,780 during the last academic year.
Students look to get a head-start with their finances
A remarkably high proportion of young Londoners who plan to go to university in the year 2012-13 are already taking steps to prepare themselves for the prospect from a financial point of view, according to a recent survey on the subject.
Figures compiled by the Student Loans Company show that close to half (48 percent) of the soon-to-be-students based in and around the capital are pro-actively preparing for what they expect to face towards the end of the year.
Future students warned about their finances
A financial education charity has raised some serious concerns about the relative lack of awareness and understanding about debt among the UK’s prospective student population.
Credit Action is convinced that the expectation of leaving university with large-scale debts to contend with has become too much a part of how young people view student finance. According a study by the charity, more than a third (36 percent) of people gearing up to become students now accept debt as a normal part of financing higher education.
Financial Student Loan worries blamed for fall in university applications
Concern at the prospect of having large-scale debts after graduating are widely believed to have resulted in a sharp drop in the number of young people in the UK applying to study at university.
The latest figures from the Universities and Colleges Admissions Service (UCAS) show that the number of applicants for places at universities across Britain fell by as many as 23,000 between 2011 and 2012.
Fears raised on the future of student debts
Fears have been raised about the knock-on effects of young people starting out their adult lives with large-scale debts hanging over their heads before they even enter the workplace.
The government recently decided to increase the proportion of university tuition fees that need to be covered by the student themselves during higher education and the hope is that the resulting debts are manageable on an individual basis. However, Una Farrell from the Consumer Credit Counselling Service (CCCS) has voiced her concerns to the Guardian newspaper that the problems associated with student finance will increasingly prove burdensome for UK consumers in later life.
How Can Middle Earners Maximise Their Earnings and Savings?
The savings of individuals of all income levels have been chipped away at significantly during 2011 by rising consumer prices but the impact has been most keenly felt by households in the middle-income bracket.
The common refrain about middle-earners being the hardest hit by the economic downturn in the UK and elsewhere has now been backed-up by the findings of research by the savings and investments company ING Direct. Indeed, in the three months to November middle class families with one parent earning in excess of £47,000 annually saw their savings pot diminish by as much as £2,000.
Costs associated with childcare are a major financial burden and a drain on savings for many middle-income families but rising inflation is the main cause for concern among households in the middle bracket. The rising costs of fuel and energy have damaged the financial position of millions of Britons and middle class couples and families are reportedly finding it increasingly difficult to stretch to an annual holiday.
Families face up to growing financial stresses and strains – student loans
British families are increasingly struggling to maintain some semblance of control over their finances and for many the serious issue is not being discussed at all having become entirely taboo, according to a recent study.
Levels of debt among UK families increased sharply in the 12 months after January 2011 and the associated problems are mounting up as average wage rises retain their sluggish rate, a report from the insurance company Aviva has demonstrated.
Britain still divided when it comes to their finances
The UK is to a large extent split in two when it comes to how well placed households are to withstand exceptional or unexpected pressures on their finances, according to a new report on the subject.
A study conducted by the Financial Inclusion Centre on behalf of the Consumer Credit Counselling Service (CCCS) concludes that when it comes to financial stability there is a sizeable gulf between northern and southern regions of the UK.
Student Loans and Graduate Loans – Get It Right and Save
Leaving university after a lengthy period with your nose in a book or engrossed by notes on your computer screen can be a daunting prospect but anyone with serious ambitions in the business world might want to consider the ins and outs of a graduate loan.
There are a wide range of graduate loan products on the market from all the high street banks you’ll recognise and from more small scale lenders as well but it is important to consider your options carefully before taking the plunge and taking on a loan.