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The Association of Investment Companies' annual survey into attitudes towards university debt reveals that more than three-quarters (78 per cent) of parents believe that the credit crunch will make it harder to support their child financially through university.

According to the AIC's findings, students and parents are both underestimating the amount of debt students will graduate with because they have not taken into account the dramatic impact of top up fees, which the NUS estimates will add an extra £7000 to students' study debt.

Annabel Brodie-Smith, communications director for the AIC said: "The credit crunch and rising cost of living will undoubtedly make it harder for parents to fund their children's university years."