The UK’s largest survey of student finance, published this week by Push, the UK’s leading independent resource for prospective students, reveals that students who started at university last year are expected to owe nearly £21,200 by the time they leave with this Autumn’s new intake of students owing an additional £2,000 by the time they graduate. The annual survey of over 2,000 students at 137 university campuses has found that student debt has topped £5,000 for each year of study for the first time. The increase of 10.6% is thought to be in part be down to availability of part-time and temporary jobs during the recession. 80% of students were said to rely on part time or holiday jobs to supplement their income by an average of £2,00 a year, but as the recession continues to bite such jobs are becoming increasingly harder to find. 

The different funding arrangements around the UK are also reflected in the data. In Scotland, which has the most generous funding system, debts have actually fallen to £2,194 a year and are much lower than the rest of the UK. Meanwhile, with an average of £5,271, students in England owe £205 for each year more than the national average.  

The survey revealed considerable variation between individual universities. The national average projected debt on graduation stands at £15,812, but at 6 universities, the figure has already broken the £25,000 barrier. However, in Scotland, borrowing is likely to remain under £10,000.  

Johnny Rich, Editor of Push.co.uk, commented: “With the economy in recession, students are even more concerned about debt than they have been in recent years. 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 and the Push survey shows that – with high quality advice and information – students can keep their debts down while still enjoying the benefits of university.

“These figures will give next year’s review of student funding a real headache. They beg the question whether we’ve now passed the point where students can be expected to stump up any more towards their education.”

 R. Lacey

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