A recent survey by Independent University Guide Push showed that the predicted debt of UK students starting their studies this year will be on average £17,500 by the time they graduate.
A recent survey by Independent University Guide Push showed that the predicted debt of UK students starting their studies this year will be on average £17,500 by the time they graduate.
Their findings also showed that the approximate amount of student debt racked up is around £4,500 per year, almost 10% higher than in 2007.
Student debt has many influencing factors and consequences that are often not considered before it’s too late:
The Credit Crunch – You can’t pick up a newspaper or watch a TV news bulletin without some mention of it. It’s bad news for everyone but particularly students, who usually have a limited income. In August 2008, the retail price index showed food inflation alone had hit a 28 year high at a staggering 13.7% which has hit all students pretty hard in the pocket. Of course the costs of gas, electricity and petrol have all risen sharply too which only compounds the misery.
Borrowing because you can – When you’re a student it can be tempting to take on loans and big overdrafts because they are available but all too often the most important factor is ignored – the fact that these have to be paid back with interest. So if you don’t actually need the money that’s offered to you then don’t borrow it.
Choosing your University wisely – For many, leaving home and going off to University in another city is all part of the big adventure of being young and carefree. Financially though it could be a very expensive decision. Staying at home and studying nearby may not be very rock and roll but it could mean the difference between starting your working life almost £18,000 in debt or being completely debt free.
Paying off your debt after University – Once you’ve graduated you’ll want to take the first steps on the career ladder of your choice as soon as possible. The 2007/08 Prospects Directory found that the average starting salary for a UK Graduate was £24,048. When you factor in rent, food costs, heating bills etc you can see that it’s going to take a long time to pay off the average student debt of £17,500.
Poor Credit Rating – If your student borrowing was sky high, then once you’ve graduated you’ll be asked to start paying back your debts such as overdrafts and loans. This can be difficult especially if you can’t find a job that pays what you need. Missing payments as a recent graduate will affect your credit rating making it harder for you in later life to get a mortgage or approved for credit.
As a student you’ll usually find that there is plenty of debt advice on campus to help you cope with your financial problems. However, if you’ve let the problem slide and are struggling with debt now you’ve left University it’s important you act as soon as possible. Avoiding many debt related problems such as mental illness, insolvency or possibly even bankruptcy can be achieved by tackling your debt head on today.
Call us now on 0800 043 4747 to speak to a professional and understanding advisor. We could help solve your student debt problems and let you get on with the rest of your life.
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