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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