Student Debt in the UK Expected to Hit £23,500 per Student

Students entering into institutions of higher learning this Autumn of 2009 are expected to graduate with debts of £23,500 according to new research that is being widely reported across UK media. Those students in Northern Ireland, England and Wales will be paying the most while students in Scotland, where higher education is paid for with taxpayer funds, are expected to amass a debt only half the amount of those in other areas of the UK.

With the cost of higher education expected to rise by a full 10% in coming years, many potential students may find themselves unable to afford a degree of their own. This news comes along with word that Goverment may lift the £3,100 cap on tuition fees since some vice-chancellors are calling for a doubling of fees after an expected review of funding levels which should take place later this year.

The National Union of Students warns that many incoming students are facing what they term “a lifetime of debt” due to these rises in schooling costs.

At the present time, undergraduate students can expect to owe £5,000 per year of schooling. This is going to be rising in the coming years, but also it must be taken into account that those pursuing mathematics, science or engineering courses face an additional £1,300 in books and additional fees, as well.

With all of these costs rising so rapidly, many students may end up deciding against schooling partway through. This phenomenon is leading to penalties on loans or grants that must be paid back at differing terms once students have left their degree programs. This means huge debt with many former students turning to IVAs and Debt Management Plans as a result since the debt further hinders their ability to establish the life they would like to lead.