Tuesday, August 15, 2006

Average graduate debt up 5%

Student debt 'averages £13,252'

Student debt 'averages £13,252' Although the rise in graduate debt was slower than in previous years, 62% of graduates still left university owing more than £10,000 apiece.

Posted by financial planner @ 08:59 AM (677 views)
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9 thoughts on “Average graduate debt up 5%

  • One should not read too much into this apparent levelling off. The survey is done by one bank looking at the affairs of some of it’s customers.

    We don’t know if these customers have additional debts that are unknown to the bank, or if the bank’s market appeal has shifted toward the more prudent.

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  • it may be ‘slower’, but it is still arround £50-100 per month for arround 10 years. I often think that the impact of these increases in students debts over the lat 10 years has yet to be realised in the economy. Graduates will be even less able to afford a home with such payments. All this talk about gradutates being able to earn more money so they can absorb the patments is rubbish frankly. I remember these arguments when I did my undergrad about 10 years ago and loans had just been introduced. just ubder 10 years after graduating and I have just gone over the ‘average salary’ for the Uk for the first time.

    the people most expected to pick up the comming slack in the hosing market have a reduced capicity to pay and lets not forget the hikes in tuition fees that are comming. its odd that few in the media seem to knit these things together. Or maybe i should have bought that bedsit 3 years ago and i could be a mulit-squillionaire!

    BFS

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  • That is nearly twice as many as the number of current students who work part-time during their course.

    Mark Worthington, head of student and graduate banking for NatWest, said: “New students are clearly much more clued up about the financial realities of university than in previous years.”

    What? If that was the case then how come they are still coming out with increasing amounts of debt? If anything they must be worse if they are working more yet coming out with more debt?

    I owe about £13k in student debts and worked part time and in the holidays also. It does interfere with the degree and when you are supposed to be a full time student it is a bit frustrating. I still havnt decided if my degree is even worth £13k. I have a friend who didn’t bother, he is a year older and earns a fair few thousand more working in the same industry yet has 3 years more experience than me.

    It really isn’t worth everyone loosing 3 years of the life, gaining £10k plus of debt and then being seen by the industry as a clueless bunch, with a worthless degree, lacking and real world skills.

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  • Yes, an edit function would be nice, I need some quote marks on the above first two sentances.

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  • Retiredbanker says:

    It is a shame that graduates have to commence work already owing money, although after all the fuss
    about high levels of student debt I was surprised to learn that the average amount owed is only just
    over £13k.

    I suppose that this is the inevitable downside of the huge expansion in the number of people now going
    into higher education.

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  • The only reason to borrow, is IF there’s a good chance you can earn more than the interest rate because you used the money.

    Remember the economic damage would be FAR higher if all the students were funded by extorting the money from taxpayers as their would be no incentive for students to do economically useful degrees.

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  • I actually agree sloth, uni’s let in any old idiot these days and over half the people on my course dropped out. What’s the difference between now and when students did get grants though? Perhaps degree’s were actually worthwhile back then?

    Too many people seem to be encouraged to go to uni, lots of people have got their head in the clouds and think they are above manual labour type jobs. This doesn’t just seem to be a problem in students either though.

    Don’t get me wrong, I think fees are a bad thing. But with so many people now going to uni people do need to be given incentive to do a worthwhile degree. We don’t want to end up with a ton of drop outs, hung over on tax payers money, and people with leisure and tourism degrees.

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  • i went to uni so i could get drunk 4 times a week for 5 years…

    yep, got pretty drunk…

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  • I know I can keep my student debt at a minimal level due to the extra money I’ve been receiving for selling my essays on http://www.coursework4you.co.uk/sel.htm . I never thought it would be this quite good. It didn’t interfere in any way with my studies and part-time job. I suggest to other students to do it and they will see.

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