Debt Making Students Think Twice About University

Fri, 17 Oct 2008

Many young students in the UK are being put off the prospect of going to university due to fears of high debt and low job prospects, new research has revealed.

A survey by the recruitment website reed.co.uk found that more than half of recent graduates believe the current economic climate is making it increasingly hard to find work .

"It's a very difficult time to be leaving university and coming into the labour market," said the site's chairman, James Reed.

"The number of jobs we have on our website has gone down by a third and the number of new applicants has gone up a third, so there are a lot more people chasing fewer jobs ."

He added that while the government wants more teenagers to enter higher education, students are being deterred by the fact that is not uncommon for graduates to leave university with debts as high as £30,000.

Professor Rick Trainor from Universities UK claims the high levels of debt will be worth it for most in the long-term.

"There's strong evidence graduates earn on average 20 to 25 per cent more in their lifetime than people who have A-level qualifications only," he commented.

However, recently released figures revealed that nearly a third of UK graduates (40,000) are still not earning enough to begin repayments on their student loans despite graduating up to seven years ago.
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