You are here: Home - Credit Cards & Loans -

Student debt up 14%

Written by:
The average estimated student debt has increased 14 per cent from last year and now stands at more than £19,000.

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.

Tag Box

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.

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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...

Money Tips of the Week

Read previous post:
Neil Woodford could be set for windfall from AIM-listed tech firm

Neil Woodford is line for a rapid windfall from one of his new venture's early investments after Daisy Group said...