According to new research from Push*, the new students heading to university this autumn could end up graduating with over ?23,000 of debt. With the economic outlook continuing to look gloomy, leading credit information provider, Equifax, believes it has never been more important that students going to university are more pro-active with managing their finances.
In the midst of the economic downturn we are now experiencing, its vital that students keep a keen eye on their financial situation, especially as their parents may not be able to bail them out confirmed Neil Munroe, External Affairs Director, Equifax.
Students and their parents can easily run the risk of misjudging what they can afford when it comes to funding student life. With recent studies revealing that the average parent thinks it would cost about ?12,550 for their child to complete a three-year degree course compared to the data from the latest survey suggesting debts could be around ?23,000, learning to budget from the start will be the key to students staying on top of finances.
* Push survey of 2,024 students released August 2009
Figures from a poll for Birmingham Midshires and the National Union of Students released October 2008