Students Most Worried By Finances And Loans
26 January 2005
Not having enough money and outstanding loans are students’ biggest worries, a new survey has revealed.
A study by MORI on behalf of the Unite Group found the average student debt rose £525 in the last 12 months to £5,285.
As well as Government backed student loans, over a third of students have an overdraft and 17 per cent have credit card debts.
But the survey found students are generally confident about their finances and are working to pay off their debts.
79 per cent of the students polled said they were meeting credit commitments and 42 per cent were combining university work with jobs.
Moreover 89 per cent of students think the debts incurred at university are a worthwhile investment for their future, with les than a third of the student population seriously worried about loans.
Nicholas Porter, chief executive of Unite, commented: “This generation of students is perhaps the first to accept and feel at ease with the fact that they will need to borrow to study and possibly work during term time to fund basic essentials.
“Interestingly, while a significant proportion of students are worried about debt, they are also confident of a graduate earnings premium which will pay off their debts following graduation,” he added.
To save money on repayments by switching to a consolidation loan, click here.
© DeHavilland Information Services plc