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Evidence suggests that students need to look for ways of supporting themselves other than financial support from parents.

Research by Halifax Unsecured Personal Loans found that, on average, 71 per cent of all parents said their children have or will have to take out a student loan.

The statistics varied across the UK with 73 per cent of parents in Anglia saying their children would most likely need to take out a loan compared to just 26 per in the north of England.

However, the Royal Bank of Scotland's Student Living Index, released last month, showed that there are other ways of students generating funds for living.

It reported that 41 per cent of students work part time during the university year to raise money to pay off debts arising from university living costs.

The benefits of this alternative seem clear with the research revealing that a student loan can provide a student with around £79.40 per week, while working a part time position can earn them as much as £146.10 per week.

Furthermore, it found that parental financial support had fallen to £74.10 per week down from £86.70 per week last year.

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