Student finance takes its toll on graduates

Thu, 30 Jun 2011

Today's graduates face an average of 11 years of repayments to help them settle their student finance debts, it has been found.

According to statistics from Uswitch.com, almost four in ten (38 per cent) university leavers have had to put their lives on hold until they clear enough of what they owe to do the things they want.

Meanwhile, the data showed that more than half (56 per cent) of graduates are unable to save, while many struggle to pay for weddings or start a family because of student debt .

The typical graduate faces an average debt of £21,198 after they leave university, meaning 48 per cent are forced to put off buying a home .

Worryingly, more than two-thirds (68 per cent) of students underestimate the amount of debt they will incur.

This could become a growing problem, with the increase in university fees meaning some could face bills of up to £9,000 per year for their tuition alone.

Recent figures from AIC showed that a fifth of would-be students intend to go to lower charging institutions, rather than face crippling student finance bills when they leave.
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