You are here: Home - Credit Cards & Loans -

New cost of degree: £33,512

0
Written by:
15/08/2006

Students starting university this year should expect to pay £33,512 for a three year degree course, according to NatWest.

This has risen from £28,600 last year and includes the new tuition fees. As a result, students expect to graduate with £14,779 of debt, an increase of £1,099 on 2005 figures. However, 79% of the 2006 intake believe that going to university will help them with future job prospects and 53% wanted to use the opportunity to train for a specific career, such as medicine or dentistry.

Graduate debt is rising at a slower pace than in previous years. Graduates now leave university with £13,252 of debt, an increase of £612 or 5% on 2005. The average starting salary has fallen this year from £14,090 in 2005 to £13,860 in 2006, but 23% of graduates had a job confirmed on graduation – up from 18% in 2005.

Just over half (57%) of the students questioned admitted to being concerned about the amount of debt that they were in. However, only 22% (down from 29% in 2005) had actually considered giving up their studies to pursue a full time job.

Mark Worthington, head of student and graduate banking at NatWest, said: “New students are clearly much more clued up about the financial realities of university than in previous years. Despite the anticipated cost of university rising by 17% on 2005, students are taking it in their stride and cutting back on their spending, meaning they only expect to graduate with 8% more debt than those not paying the increased tuition fees.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Unsuitable credit choices could rack up £120m bill

Many UK consumers have failed to shop around for the right credit card, resulting in a potential interest bill of...

Close