The UK’s largest ever survey of student finance, published today on Push.co.uk reveals that students who started at university last year can expect to owe over £17,500 by the time they leave and new students should reckon on nearly £4,000 more than that.
 
The annual survey by Push, the UK’s leading independent resource for prospective students, has found that student debt now tops £4,500 for each year of study – a hike of 9.6% since last year. 
 
The Push Student Debt Survey is the most detailed annual analysis of students’ financial position and this year’s is the largest to date, involving face-to-face interviews with over 2,000 students at 136 university campuses throughout the UK.

Prospective students receiving their A level results tomorrow will be particularly concerned that, at over twice the rate of inflation, the rise suggests that students are being particularly badly hit by the worsening economy. This may be because rising food costs and rent make up a large and inflexible part of students’ outgoings.

The different funding arrangements around the UK are also reflected in the data. In Scotland, which has the most generous funding system, debts are lower than England or Wales. However, the Scottish average of £3,453 a year is an increase of nearly a third in the past year and, allowing for their four-year courses, students north of the border are only slightly better off in the long run.

Meanwhile, with an average of £4,729, students in England owe £199 for each year more than the national average.

There is considerable variation between individual universities too. The national average projected debt on graduation stands at £14,161, but at 11 universities, the figure has already broken the £20,000 barrier. At others borrowing is likely to remain under £10,000.

For a full version of The Push Student Debt Survey 2008, visit http://www.push.co.uk/student-debt-survey-2008
 
Johnny Rich, Series Editor of Push.co.uk, commented:
“It’s easy to become immune to stories about student debt, but this increase is not just another rise. Some students are facing real financial hardship. Even so, the advantages of having a degree still vastly outweigh the costs and the Push survey shows that – with high quality advice and information – students can keep their debts down while still enjoying the benefits of university.”