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25 January 2006
Student debt levels are showing signs of stabilisation, according to an annual report, and the vast majority of those attending university claim to be undeterred by the amounts they will owe upon graduation.
While three-quarters of British students are in debt with an average of £5,267 outstanding, this amount has not built upon last year's significant increase - although graduation will see a typical figure of £9,692 owed per individual.
These findings came from Unite's 2006 Student Experience Report, which shows that two in five students hold down part-time jobs alongside their studies to help offset any further financial woes. On average they earn £94.30 a week pre-tax.
Encouragingly, 43 per cent of students - perhaps aided by their jobs - report that they have no difficulties paying off their bills and credit cards, though one in six finds keeping financially afloat to be a perpetual struggle and one in twenty has serious problems.
A surprisingly large 85 per cent receive financial assistance, perhaps from parents or another family member, that they will not be expected to repay, although one in eight borrows from their parents.
Overall, 90 per cent of students were satisfied that the money shelled out on their education should be regarded as a sound investment for the future - and if, as the survey suggests, their financial astuteness is picking up, this may well be borne out.
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