Student debt is on the up

27 February 2006

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Recent research from one of the UKs top student debt websites shows that graduates are facing more money worries than ever, and the scenario is likely to get worse over the coming years.

The survey showed that as many as 38% of recent university graduates are facing between £5,000 and £20,000 plus, and the number of current students facing this amount of debit its already at 45%. A worrying 63% expected to have over £5’000 of debt when they left university in the next 3 years.

Around 7% of students owe more than £15,000. Currently, the maximum student loan comes out at around £14,000 for the three years, and it’s ecpected to increase, this year, as students are faced with top up fees.

On top of the student loan, there is the overdraft – an essential in getting through life as a student, and as many ad 64% take advantage of this facility. Credit cards are also an item that the majority of students own, and 15% of students owe between £500 and £5,000.

Money also seems to be affecting students health, as 34% of those questioned said that money worried adversely affected their health, compared with just 26% of past students. The most common symptoms were depression and lack of sleep.

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