Average UK student debts ‘could hit £53,000’

Average debts may reach £53,000 for UK students starting in 2012 – double the figure for 2011 – an annual survey suggests.

via BBC News

I wonder if they have any idea just how much that scares kids? D starts university in a couple of months, P starts university next year. Both will need financial help, both are looking to work to get money (while this has it’s positives it has negatives too of course) and both are worrying now on the effect this will have on us. By us I mean J and me and also them for the next year.
Family holiday next year or save for fees? Cut back now to save money? Or just not go or Uni and join the jobs market? The latter is not something we want to happen but it comes to the fore in conversations here. And it’s not like the girls don’t know that value of money – they do and it’s that which makes them look at these scary numbers and wonder if it’s worth it.
My girls are both bright and will succeed but the debt they will drag with them scares them. Of course we will help them but the govt keeps on about the fact that they want people to spend their money to help the recovery etc but there must be thousands of families who place a greater priority on not letting their kids get into debt.

3 thoughts on “Average UK student debts ‘could hit £53,000’

  1. I don’t know but I’d suspect it.
    The top tuition fees they can charge this year is £9,000 and that will rise next year. But taking 3 years at 9k gives a debt of £27,000. The remaining of $26,000 could be just over £8k a year for living expenses which I don’t think is being extravagant. (It’s well down on the minimum wage for someone working full-time).

    They say you don’t need to pay it back until you are earning enough which sounds great but we can’t know what the banks and other institutions will do regarding the debt – will it mean the student gets downrated? And of course if you have to pay something back when you earn X you are probably better off earning X-1 until X+debt repayment gives X + an excess.

    Additionally I cannot see this model working, the govt will end up funding the lot or in a different way so the kids from this year and next are part of an experiment that has profound effects.

    It’s a hell of an unwelcome mess according to the girls here.

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