Students who started at university last year can expect to owe over £23,200 by the time they leave and new students should reckon on around £1,500 more than that, according to the UK’s largest survey of student finance published on Push.co.uk, the independent resource for prospective students.
Push’s annual survey has found that student debt now tops £5,600 for each year of study. The inflation-busting increase of 5.4 per cent may in part be down to lack of availability of part-time and temporary jobs during the recession.
Push says its Student Debt Survey is the most detailed annual analysis of students’ financial position, involving face-to-face interviews with over 2,000 students at 139 university campuses throughout the UK.
Prospective students receiving their A level results next Thursday will be particularly concerned, as proposals being considered by the Government and by Lord Browne’s review into student finance may impose higher fees over the next few years.
The different funding arrangements around the UK are also reflected in the data, says Push. In Scotland, which has the most generous funding system, debts are less than half those south of the border.
Meanwhile, with an average of £6,411 per year, students have faced the harshest increases in Wales, where opportunities for paid work appear to have dried up.
There is considerable variation between individual universities too. The national average projected debt on graduation for anyone in higher education right now stands at £16,614, but at nine universities, the figure has already broken the £30,000 barrier.
However, at 20 universities, most of which are in Scotland, borrowing is likely to remain under £10,000.
The figures from
Push.co.uk form part of the website’s detailed profiles of every university in the UK, covering every aspect of student life from teaching standards to the price of beer on each campus.
“We are at a crunch point for student debt and many talented potential students may shy away when they hear a degree will cost £25,000,” said Johnny Rich, Editor of
Push.co.uk.
“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.
“Meanwhile, for students, it’s never been more important to understand the differences between universities. It’s not just the debts that vary widely – the whole experience students have at different institutions varies too and what they stand to gain from each university too.”
Commenting on The Push National Student Debt Survey 2010, Universities and Science Minister David Willetts said: "A university degree is a very good investment in your future and it must be right that those who benefit contribute to the cost of their education.
“Graduates on average have better employment prospects and can expect to earn at least £100,000, net of tax, more than non-graduates across their working lives.
"Graduates do not start paying back their student loans until they are in paid work and earning more than £15,000. We are committed to increasing social mobility and widening participation in higher education.
“Any changes to student finance will take into account the impact on student debt and the need to improve the quality of the university experience."
