For those starting university this year, researchers predict student debt for education will rise to 25,000 pounds. The annual survey polled 2,000 students. The average yearly debt had increased by 5.4 per cent to 5,600 per year. However, the cost and future debt has not deterred enrollment. Many university courses are already full and students may not get their first choice.
The 2,000 students in the poll attended 139 different universities. Expenses covered tuition fees and all other expenses except for mortgage in the numbers reported. In England students had average yearly debt of 5,293 pounds per year, those in Wales averaged 6,411 pounds per year, and 3,769 pounds per year in Northern Ireland. In Scotland, where students pay reduced fees but very often study for four years, the average was 2,637 pounds per year.
Push.co.uk editor, Johnny Rich, said: “We are at a crunch point for student debt. Many talented potential students may shy away when they hear a degree will cost 25,000 pounds. The higher the cost gets, the more people will be put off.”
Aaron Peter, president of the National Union of Students, said: “Fees trebled three years ago, with no subsequent improvement in student satisfaction, and yet vice-chancellors now wish to more than double them again.
“Universities should look at improving the student experience, and providing better financial advice and support, rather than spending their time lobbying to add over 10,00 to the average student’s debt.”
The government is reviewing student fees and student debt to find out how to make higher education a possibility for more people.
Universities Minister David Willetts said: “A university degree is a very good investment in your future and it must be right that those who benefit contribute to the cost of their education.
“Graduates on average have employment prospects and can expect to earn at least 100,000 pounds, net of tax, more than non-graduates across their working lives.”