Student debt up 14%
Nearly a third of current students expect to graduate with £10,000 or more in debt, according to the latest Lloyds Bank Student Finance Report, as increased costs pushed the average estimated total of student loan debt up from £16,909 a year ago to £19,2017.
Almost half of students are concerned by the high amounts of debt they are taking on to fund a university education, up three percentage points from last year.
Phillip Robinson, director of current accounts for Lloyd’s Bank, said: “An ever-increasing number of students are worried about the debt they are taking on to meet the rising cost of university.”
Tuition costs were a factor in deciding which university to attend for 34 per cent of first-year undergraduate students, with 10 per cent citing cost as a key element in their choice.
Almost half of students had a full or part time job within the last academic year, of which 48 per cent were working to support themselves and pay essential bills. Some 17 per cent of full-time students told Lloyd’s that they had considered leaving education to find full-time work.
Robinson continued: “Money management tools are in place for students, together with banking apps to help them manage money on the go and feel more in control of their finances.”
For helpful tips on student finance see our Ultimate student money guide.