Equity Release offers solution for university debt problem
Almost 190,000 wannabe students are currently scrambling through the clearing process, trying to grab a place at university. But it is not the students who should be the most worried when it comes to the topic of university.
According to research conducted by investment company, Standard Life, 58 per cent of parents underestimate the amount of debt their children will finish university with.
With annual tuition fees costing up to £9,000 from 2012, and the cost of living on a continued increase, Standard Life has calculated the maximum debt students will leave university with is a staggering £54,000¹.
The perils of a first time buyer have been well documented but, with this kind of debt hanging over them too, that first rung on the property ladder becomes ever more elusive. So it is no surprise why some parents are turning to equity release mortgages to help their children out post graduation.
Anyone considering an equity release plan, whether it is to support their children after university or to simply help fund a happier retirement, should think very carefully before jumping in and seek advice from a specialist equity release legal adviser, as well as a financial adviser, during the decision making process.
Goldsmith Williams is a specialist equity release legal advisers. As a founding member of the Equity Release Solicitors Alliance (ERSA), we are fully informed to explain the legal nature, implications and effects of an equity release plan before referring you to a panel of qualified financial advisers.
Call the GWLifetime team on 0845 373 3737 for more details.
¹Standard Life (Aug 2012)
Content correct at time of publication