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Tuition fee rises heighten debt concerns

Tuition fee rises heighten debt concerns

Category: Students

Updated: 07/12/2016
First Published: 25/09/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

This month's increase in tuition fees is set to impact massively on the finances of thousands of new students across England and Wales, with 32% of students believing they will need to take out a loan to cover costs.

Debt problems are a big worry for the majority of students, with 47% of university students expressing concerns about the levels of debt being accrued whilst working towards their degree.

According to research by Lloyds TSB, a massive 60% of students expect to be hit hard by high tuition fees and anticipate completing their studies with debts of at least £10,000.

Rising tuition fees and the rising cost of outgoings such as bills and social activities, coupled with an average annual student income of just £7,054, highlight the challenges facing students today.

Sylvia Waycot, finance expert at Moneyfacts.co.uk, said: "The financial stress of a university education will last for decades after any degree is realised and students have to become even more adept at using what money they have wisely."

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