Tuition fee rises heighten debt concerns - Students - News - Moneyfacts

News

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 It is now over 6 months old so the content may be out of date.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."

Find the cheapest gas & electricity deals

Save up to £331* on gas and electricity for your student home. Compare all UK suppliers including fixed, capped and online tariffs and switch in minutes.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

The bank of Mum and Dad foots the student bill

If anyone thought that the bank of Mum and Dad would close once the children had left for university, a new study shows otherwise. Indeed, the bank remains very much open for business, with some students being particularly bold with their requests.

Heading to university? Don’t forget insurance!

In all the excitement of university and the rush to get things sorted, it can be easy to overlook some of the practicalities such as insurance. However, this can be a costly mistake, as the Association of British Insurers (ABI) warns.

Top student money saving tips

Going to university can be an exciting time, but it can also be an expensive one. Knowing how to make your money go further can be one of the biggest challenges of student life, so here are a few top money saving tips to help you do just that.
 
Close