Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 338

Student debt reality check needed

Posted by fidest press agency su mercoledì, 12 agosto 2015

studentFor many young people in Britain today, the decision to go to university is one of the biggest choices they will ever make. This is without necessarily taking proper account of the debt that going into higher education could give them, as students and parents underestimate the costs of a university education.
In our latest study in partnership with the AIC, we found that parents seriously misjudge the total debt that university will leave many students in, believing that their child’s student debt will be £17,965 on average, well below the figure given by the Institute of Fiscal Studies last year that put the figure at £44,000. Although students in full-time education currently have a more realistic idea, their estimation of £30,348 worth of debt is still low. The students who gave an estimated figure of debt think it will take 15 years on average to pay back, and just over a third (35%) think it will take longer than 20 years. The financial effect on parents and students
The cost of a university education has had an effect on the lives of both students and their parents. Two thirds of parents plan to help their children financially through university, including the possibility of downsizing the family home (9%) or using their cash savings (22%). The effect on students has been no less considerable, with 37% of students that have considered dropping out of university altogether citing financial reasons for doing so. And despite the assumption that ‘uni life’ means living on or around campus, a fifth (21%) of students have lived or currently live with their parents during term time for financial reason, increasing to 36% amongst Londoners.

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