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13/08/2010
New Students 'Face £25,000 Debt'
Students starting university in September are facing the prospect of graduating with debts of almost £25,000, according to a new survey.
A survey of 2,000 students, carried out by student website Push, found that undergraduates now owe on average £5,600 for each year of study.
The students were asked what debts they had amassed, including everything from tuition fees to credit card and bank debts, but excluding mortgages.
The report found that the average debts for students at English universities was £5,293 per year, while those in Wales faced debts of £6,411 per year and Northern Ireland students faced an annual average of £3,769.
In Scotland, where UK students pay lower fees, but undergraduate courses usually last four years, the average per year is £2,367.
Johnny Rich, Editor of Push.co.uk, said that it was "crunch time" for student debt. He said: "Many talented potential students may shy away when they hear a degree will cost £25,000."
Aaron Porter, President of the National Union of Students, said it was "vital" that a fairer alternative was found to the "deeply unpopular and regressive system of top-up fees".
However, Universities Minister David Willets said: "A university degree is a very good investment in your future and it must be right that those who benefit contribute to the cost of their education. Graduates on average have better employment prospects and can expect to earn at least £100,000, net of tax, more than non-graduates across their working lives.
"Graduates do not start paying back their student loans until they are in paid work and earning more than £15,000. We are committed to increasing social mobility and widening participation in higher education. Any changes to student finance will take into account the impact on student debt and the need to improve the quality of the university experience."
Currently, students can claim a loan to cover the cost of tuition fees, plus extra for living costs, while grants are also available for the poorest students.
Graduates start to repay the loans once they earn more than £15,000 a year.
Lord Brown is conducting a review of student fees and finance for the government and is expected to report back in the autumn.
(KMcA/BMcC)
A survey of 2,000 students, carried out by student website Push, found that undergraduates now owe on average £5,600 for each year of study.
The students were asked what debts they had amassed, including everything from tuition fees to credit card and bank debts, but excluding mortgages.
The report found that the average debts for students at English universities was £5,293 per year, while those in Wales faced debts of £6,411 per year and Northern Ireland students faced an annual average of £3,769.
In Scotland, where UK students pay lower fees, but undergraduate courses usually last four years, the average per year is £2,367.
Johnny Rich, Editor of Push.co.uk, said that it was "crunch time" for student debt. He said: "Many talented potential students may shy away when they hear a degree will cost £25,000."
Aaron Porter, President of the National Union of Students, said it was "vital" that a fairer alternative was found to the "deeply unpopular and regressive system of top-up fees".
However, Universities Minister David Willets said: "A university degree is a very good investment in your future and it must be right that those who benefit contribute to the cost of their education. Graduates on average have better employment prospects and can expect to earn at least £100,000, net of tax, more than non-graduates across their working lives.
"Graduates do not start paying back their student loans until they are in paid work and earning more than £15,000. We are committed to increasing social mobility and widening participation in higher education. Any changes to student finance will take into account the impact on student debt and the need to improve the quality of the university experience."
Currently, students can claim a loan to cover the cost of tuition fees, plus extra for living costs, while grants are also available for the poorest students.
Graduates start to repay the loans once they earn more than £15,000 a year.
Lord Brown is conducting a review of student fees and finance for the government and is expected to report back in the autumn.
(KMcA/BMcC)
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Northern Ireland WeatherToday:A mostly dry day, rather cloudy, but some sunny spells, best of these in the afternoon. A few showers spread south from late morning, turning wintry in the afternoon. Maximum temperature 5 °C.Tonight:A cold evening and night with a frost. It will be largely dry, but a few wintry showers towards the north coast overnight. Minimum temperature -3 °C.
