Save £125 a month for 18 years just to pay for university fees The cost of three years study and living expenses is estimated to breach £53,000. Around £27,000 alone is university fees, which have been increased to £9,000 a year at most institutions. The rest is the cost of rent, bills, books and other living costs. Consumer expert Martin Lewis in his telegraph.co.uk column today said this debt need not be so onerous, thanks to the student loans system. He said: "You only have to repay fees and living costs if you earn over £21,000. A lesson for parents who want to help young children is to act like (good) bankers: prepare for the future liabilities at Bank of Mum and Dad by putting aside some money each month now. A Junior Isa allows savings of up to £3,720 a year, or £310 a month. All interest and growth is tax free. Parents would need to save £125 a month for 18 years to grow a fund large enough to cover today's £27,000 fees. These could rise in the coming years, in which case you will need to increase contributions. The numbers, calculated by fund manager Fidelity, presume 5pc growth, 1pc initial charge and 1.25pc annual charge. An extra £75 a month - £200 in total - would create enough to cover living costs as well at today's prices. But that is unlikely to be sufficient once inflation is taken into consideration. Use the calculator, right, to do your own sums Mr Lewis warned parents to investigate how the student loans system works before making needless savings. He said: "Few people should actually pay upfront, many parents who do this will be throwing tens of thousands of pounds away because their children won't need repay that much." Also: Top five money mistakes made by students Latest fund tips: Just enter your email to get our weekly newsletter