Students keen to lower debt repayment

Tue, 30 Aug 2011

One in five students plans to apply to a university that charges lower fees in order to reduce their future student loan repayment, new research shows.

According to a survey from the Association of Investment Companies (AIC), 21 per cent of students say they will attend a lower charging university, while 23 per cent of parents agree that their children should apply to a cheaper institution.

Half (49 per cent) of students said they expect to graduate with more than £20,000 worth of debt, compared to 34 per cent of students last year.

More than one in ten (13 per cent), said they anticipate accumulating over £30,000 in debt thanks to exorbitant student loan rates, with 45 per cent of respondents expecting to be saddled with student debt for 10 to 20 years.

Annabel Brodie-Smith, communications director at the AIC, said: "If you possibly can start saving for your children for the long term, you can give them a financial advantage in life. The sooner you start investing for your children, the better chance of greater return."

The Association of Residential Letting Agent recently advised students to carry out thorough research before signing a lease for university accommodation .  
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