Students Concerned By Large Debts

Fri, 19 Mar 2010

Debt is becoming a major concern for an increasing number of students, with new research showing half of Britain’s full time student population expect to graduate with debts of more than £15,000.

The 2010 Sodexo University Lifestyle Survey, published in association with Times Higher Education, has revealed that one in two undergraduates expect to owe more than £15,000 by the time they finish their courses, and 28 per cent expect to have debts in excess of £20,000.

The figures are in stark contrast to 2004, when just two per cent of students expected to graduate with such high debt to their name.

Of the 2,000 UK students polled in this year’s survey, just 15 per cent said they expect to leave university debt free, while more than a quarter said they have considered dropping out due to their financial situation.

In addition, a growing number of undergraduates are choosing to live at home and cut back on socialising during their studies in order to save money .

However, the research also showed that over two-thirds (67 per cent) of students believe the high cost of university education is worth it in the long-term.

Peter Taylor, head of universities for Sodexo, said: "There is clearly a large financial strain on students if they are having to reduce spending on food and are eating less healthily, which is a concern for those providing for students, especially while they are away from home."

"The financial impact is clearly shifting the university experience, which is now far more orientated around studying for the right job with much less emphasis put on the social aspect."
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