New research from Engage Mutual Assurance has revealed that over 24% of young people consider going to university a waste of money due to the growing cost of tuition fees and living expenses.
With the introduction of top up fees and increases in living costs, many graduates are now leaving university with debts in excess of £30,000, a rise of 31% since 2002; causing one in four young people aged between 18 and 24 to dismiss the possibility of going to university due to the expense.
Previous research from Engage Mutual Assurance has shown that 46 per cent of parents expect their children to cover tuition costs themselves and 56 per cent of children under the age of 18 will not be able to rely on their parents to cover costs of living at university.
Since the proposal of top up fees in the UK, enquires from British students about scholarships in US universities has risen by 500%
For those currently attending university; NUS research has discovered that 40% of students are forced to work while they are studying, and half of those that work are convinced that working is adversely affecting their studies.
Financial burdens don’t look set to improve for students in the near future; student loans for undergraduates in London currently fall £5000 short of the average costs of actually living and studying in the capital, and over two thirds of graduates are moving back in with their parents in order to save money and pay off their debt.
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