With annual student debt soaring to 5,000 pounds a year, young people face tough prospects, according to a new study by Push, an online resource for students.
New university students should expect to owe 23,500 pounds at graduation, the 2009 Push Student Debt Survey shows.
By contrast, students who started university in 2008 can expect to owe nearly 21,200 pounds at graduation.
Teenagers receiving A-level results on Thursday will be particularly concerned as some sources of income have been drying up while debt rises, Push suggests.
About 80 percent of students rely on part-time or holiday jobs to supplement their income by an average of 2,000 pounds a year, the study says.
With data from the Department for Children, Schools and Families published in the Guardian showing that one in six young people in England aged 18 to 24 are now classified as “neets” — not in education employment or training — the increase in costs for students raises new worries.
A total of 835,000 young people, 100,000 more than this time last year, are classified as neets.
Is it worth spending this kind of money and graduating in debt for a university education?
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3 comments so far
It might seem tough now given the way things are economically, but it is vital to get a university education. It will pay off in the future. Much better to spend the money and get a well-rounded education than to be idle. An education provides more than just marketability. It provides confidence and a better quality of life: education for the sake of education.
- Posted by Jean VitriolAt least with a loan kids have the opportunity, independent of Parenst affordability, of attending university. As well as the economic benefit in terms of salary etc, you get 3-4 years living away from home with your mates and all the experiences you get. Overall a bargain at £20-£25K. So yes, economic and social benefits far exceed almost any costs and kids should be encouraged despite the debts. You get one chance in life, so please take it. And yes I am an ex student, so am speaking from experience.
- Posted by RussellEducation is essential and good for individual, industry and the country. The industry and government should perhaps have a fund to subsidise courses more in demand by the industry/society so that students can opt for such courses with lower final debt at the expense of a bit of personal interests
- Posted by harry