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24 November 2005
A new report has highlighted the extent of the debt problem hitting the nation's students.
The study by professor Claire Callendar, of London South Bank University, worryingly shows that the average liability for a UK student is £9,620 - and one in five has accrued debts of over £15,000.
Further findings include that nine of out ten students have to borrow to fund their university education and 70 per cent admit that money is a significant problem.
Correspondingly, almost half hold down a part-time job - but eight out of ten who did this admitted that as a result they had less time to devote to study than they needed, and those who have jobs are a third less likely to get a first class degree or an upper second.
Also highlighted was the fact that most students seem resigned to heavy debt, simply deeming it to be something that is unavoidable. The results spelled out bad news in particular for working class, female and ethnic minority students, all of whom are said to particularly suffer the burden of debt.
The top-up fee system, which will be introduced next year amid much controversy, is hoped to herald a solution to the problem, as students will not be obliged to pay off their loans until they are earning over £15,000 per year.
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