Students Expect To Graduate With Debts Of GBP25K

Fri, 13 Aug 2010

A shocking new report has revealed that students starting university this autumn can expect to graduate with debts of nearly £25,000.

The Push Student Debt survey found those beginning higher education courses this October would owe an average of £24,700 by the time they graduated, which is £1,500 more than students who started university last autumn.

Students at nine universities said they expected to graduate with more than £30,000 of debt, including those at the Central School of Speech and Drama, University of London, who believed they would have to repay more than £38,000 of debt after graduation.

More than 2,000 students across various UK universities were quizzed on how much they owed banks, their parents, credit card debt, and the amount they had borrowed in student loans .

The report found that average debt for students at university in England is £5,293 per year, while in Wales it is £6,411, in Northern Ireland it is £3,769 and in Scotland it currently stands at just £2,637.

Johnny Rich, publisher of the Push Student Debt survey, said: "We are at a crunch point for student debt. Many talented potential students may shy away when they hear a degree will cost £25,000."

"As the government and Lord Browne consider what to do about the future of student finance, these figures should give them a lot to chew on."

"Every potential student will have a tipping point where the costs just become too expensive. Student debt is increasing and one of the main factors is that people are doing less part-time work. Students just cannot get the hours or in some cases find work at all."

"We are seeing an increase in the number of students who are taking on debt other than their student loans – whether it is borrowing money from parents or from the banks ."
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