For many families in the UK, the financial future of the looks bleak. For young adults harbouring the desire to go to university it is even worse. A new study shows that the average student will leave higher education saddled with £44,000 of debt. When looking for ways to overcome the endeavour, a home extension could relieve some of the financial burden.
The report, published by the Institute of Fiscal Studies, estimates three out of four University graduates in the UK will be paying for their education well into their fifties. This has prompted speculation that university leavers will have little option other than to return to the home of their parents. The media has already dubbed them the “boomerang generation.”
Students go to university to better themselves in the hope of securing a good job in a respectable profession. But since the coalition government hiked education fees up from £3000 a year maximum, to £9000, graduates will leave University with debts averaging £44,000, almost double what they would have paid owed under the old system.
The study estimates that debtors will have to find an extra £2500 a year to pay of loans and only the five per cent of top earners will have paid off their debts before the 30 year threshold. Most employees approaching 60 are thinking about retirement. Your children will be thinking how many more years they have to work before they have enough money to retire.
To make matters worse, the escalating house prices make it practically impossible for debt-ridden graduates to secure a mortgage. With rent charges for apartments, houses and even single rooms straining the seams of a graduate’s pay packet your offspring will not have any cash left over to enjoy a social life the few little luxuries they can afford will not amount to much.
Moving back in with parents will be the only option for many graduates, and whilst that may seem like a simple solution, living with parents after experiencing their freedom is hard on young adults. They need their private space and their teenage bedroom doesn’t cut it anymore.
Attic home solutions
A loft conversion offer an ideal opportunity give your boomerang child more space and add value to your home. The innovative designs created by loft conversion architects enables you to make better use of dead attic space and improve the heat circulation of your home so you become more energy efficient.
Loft space is more versatile than you would expect. It is possible to create a private living space with en-suite bathroom and with careful planning and a masterful design you will have sufficient storage space for clothes, books and other belongings.
The styles and designs of modern day loft conversions are hip and striking, a cool and unique home for any young professional. Low cost rent – or no-cost depending on your own finances – will also appeal to your child’s economic sensibilities and actually give them a life. It is advisable to seek the help of a loft conversion specialist.
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