Parents who are helping their offspring in choosing the right university course may have found the last few years have dealt their finances a significant blow.

If this has been the case, college students might be reconsidering their decision to apply to university in light of increasing fees and the prospect of large amounts of debt hanging over them.

Georgina Earle, director of Women in Debt, commented: "Many parents will have had the intention to support their children through university and may have saved up allowing for this expenditure.

"However, the financial pressure that parents are finding themselves under will make it difficult for them to offer this financial lifeline to their children now and therefore many children will face the reality of taking on that debt for themselves."

But Ms Earle noted that some families may decide to support their children's decision to attend higher education establishments by agreeing to help pay off their debts once they become enforceable.

The problems surrounding the financing of the day to day life of a university student remain though, which is where mums and dads might have to step in again to top up the income their child receives from a part-time job fitted about their studies.

"This is the real problem for students - living day to day, and as a parent in the urgent economy this is a pressure many of us cannot afford," Ms Earle added.

Worryingly, recent research from the Chartered Insurance Institute reveals that over half (51 per cent) of young people normalise debt and believe it is something 'everyone goes through at some point', while a third (32 per cent) see credit as 'useful'.

David Thomson, director of policy and public affairs at the organisation, said: "It's crucial for this age group to have a good understanding of personal finance as many of them will set off for university and have to budget for themselves for the first time."