Going to university can be very expensive resulting in students acquiring huge loans just to pay off their tuition. Aside from that, a lot of students also rely on their parents to help them pay for their college tuition fees. Parents, on the other hand, don't know how much their children really need. To end this dilemma, a new contribution calculator was created to help parents get the amount their kids really need.

The website Save the Student understands the dilemma of parents regarding the amount of money they should shell out to help their children in university. This led to the creation of the contribution calculator to help them do exactly like that. What the calculator does is find the difference between the maintenance loan of a student and the amount he needs to live while studying. The calculator also takes into account the area where the student lives.

The calculator gave an example using a student who lives in London. For example, a student whose family has an annual income of £25,000 will not need any assistance from his or her parents because they will receive the full amount to cover their loans and expenses. On the other hand, a student whose family has £40,000 as an annual income would need and extra £1,420 for his budget.

Save the Student also said that the government expects parents to at least give a total of £4, 379 in financial aid to their children who go to university. Parents are shocked to see the huge amount but students are happy that there is a concrete evidence they can present to their parents

"I think the calculator is a great idea and I wish it had been around when I was a fresher," said Bethany Reed, a History student, "We all sat down before I started university to work out the payments, but we didn’t really know how much I would need to live off."

Tags Student Loan, Finance