Tuesday, 18 August 2009

Students face '£23,000 debt' upon leaving university

Students could leave university with debts amounting to as much as £23,500, research suggests.

The Push Student Debt Survey of over 2,000 students found most average a £5,000 debt for every year of study, with the figure rising.

Undergraduates coming to the end of their first year of study at present will owe around £21,200 when they graduate, with those starting this year owing at least £2,000 more than that.

Johnny Rich, editor of Push.co.uk, said: 'Finding part-time work has got harder and many students are facing real financial hardship and are worrying about what lies ahead.

'Even so, the advantages of having a degree still vastly outweigh the costs.

'These figures will give next year's review of student funding a real headache.

'They beg the question of whether we've now passed the point where students can be expected to stump up any more towards their education.'

Students in England also owe a lot more than in Wales, Scotland and Northern Ireland, according to the survey, with students owing around £5,271 a year in England, but only £2,194 a year in Scotland. The government has said they will be spending £5bn this year on student support.

A National Union of Students (NUS) report also found some university courses had 'hidden costs', with students of maths and computer science spending the most, on goods such as books and equipment.

NUS president Wes Streeting said: 'There should be better information, advice and guidance about student finance on university websites and in their prospectuses.'

From this autumn, tuition fees will stand at £3,225 per year. ADNFCR-708-ID-19317369-ADNFCR

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