Debt Management in the News
Student debt breaks the £22bn barrier

18 June 2008

student with debtThe cost of completing a degree has risen to over £33,000 for a 3 year course, leaving students graduating with an average of £20,000 debt.

Natwest Bank, however, have calculated the total cost to over £33,500, once rent, food, alcohol and cigarettes are added into the equation.

Students borrowed nearly £4bn during the last financial year, a rise of 32% on the previous years debt figures, and takes the total debt of graduates and undergraduates to £21.95bn.

The figures, published by the Department for Innovation, Universities and Skills only cover the debt owed to the student loans company, which is government subsidised, and does not take into account debt owed to commercial lenders, i.e. credit cards and personal loans. 

The president of the NUS, Wes Streeting, said: "More needs to be done to tackle a culture of indebtedness that has come about through the top-up fees regime."

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