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Fees will rocket student debts over £50k, Push survey reveals

DATE:                       Wednesday 10th August 2011

CONTACT:             Jess Harvey, 020-7735 6685 / 078 1111 4292

                                    Email: press@push.co.uk

EMBARGO:           00:01, Friday 12th August 2011

 

FEES WILL ROCKET AVERAGE STUDENT DEBTS OVER £50K, PUSH SURVEY REVEALS


The UK’s largest survey of student finance, published today on
Push.co.uk, reveals that students who start at university this year are likely to owe £26,100 by the time they leave. Next year, when higher fees kick in, new students should expect their average debts to reach £53,400.

The annual survey by Push, the UK’s leading independent resource for prospective students, has found that student debt already tops £5,680 for each year of study. The inflation-busting increase of 6.4% may reflect a continuingly difficult economic climate for students seeking part-time and temporary jobs.

The Push Student Debt Survey is the most detailed annual analysis of students’ financial position, often used by the Government and other institutions as the authoritative research. This year, it has involved interviews with over 2,800 students at 115 university campuses throughout the UK.

Prospective students receiving their A level results next Thursday will be particularly concerned by the record debts students are already facing. However, around 150,000 applicants are expected not to get places this year and if they postpone their entry until next year, they will be subject to the new fee regime which will cost them even more. For students starting in 2012, in England – where tuition fees will be rising to an estimated average of £8,630 – the average debt on graduation will reach £59,100.

The different funding arrangements around the UK are clearly reflected in the data. In Scotland, which has the most generous funding system, debts are well under half those south of the border. Meanwhile, with an average of £6,231 per year, students face the worst debts in Wales, where opportunities for paid work appear to have dried up.

There is considerable variation between individual universities too. The national average projected debt on graduation for anyone in higher education right now stands at £19,103, but at 8 universities, the figure has already broken the £30,000 barrier. However, at 18 universities, many of which are in Scotland, borrowing is likely to remain under £10,000.

The Push Survey also examines who has lent money to students. Three-quarters of the debt is owed to the Government-backed Student Loans Company, which offers favourable repayment terms. However, 5% is owed to banks and 2% to credit cards.

The figures posted today on
Push.co.uk form part of the website’s detailed profiles of every university in the UK, covering every aspect of student life from teaching standards to the price of beer on each campus.

With university clearing starting next week,
Push.co.uk features exclusive, insider information on finding the right university and tips to give your application the edge. The website also boasts the ‘Uni Chooser’ tool, the uniquely powerful search-and-sort facility which enables students to find the university most suited to them.

Johnny Rich, Editor of
Push.co.uk, commented:

“This is the first real glimpse we’ve had of what we should expect when the new fees hit students. The Government has failed to explain how debts of over £50,000 will not cripple graduates financially, particularly given that students will need to find a quarter of that money from outside the support of the official loans system.”

“For students this year and in the future, it’s never been more important to understand the differences between universities. It’s not just the debts that vary widely – the whole experience students have at different institutions and what they stand to gain from them vary too.”


- ends -

For a full version of The Push Student Debt Survey 2011, visit
www.push.co.uk/student-debt-survey-2011. Please note, this link will be available only after the embargo. In the meantime, please contact Push (see below).

 

For further information including university league tables, top tens, regional and local breakdowns, and interviews with Johnny Rich, Publisher:

Online:
http://www.push.co.uk/press
Contact: Jess Harvey (tel: 020-7735 6685 / 078 1111 4292)
Email:
press@push.co.uk
Outside office hours: contact Johnny Rich: 078 1111 4292


NOTES TO EDITORS:

Push was founded in 1992 as an independent organisation that visits every university in the UK every year gathering the country’s largest resource of information for prospective students.

This information is presented in an accessible and user-friendly style and published without fear or favour at
www.push.co.uk. The site provides an invaluable resource for anyone hunting for a university place. It features comprehensive information about each university, application and survival advice, financial guidance, forums and a uniquely powerful search function to help applicants identify the right university for them.

Each year Push also visits hundred of schools, colleges and sixth forms giving advice direct to students and is a respected supplier of information about higher education to media outlets and businesses.

 


DATE:

THE PUSH STUDENT DEBT SURVEY 2011: RESULTS SUMMARY

All groups

 

 

 

 

 


 

Respondents

Ave debt/yr

Projected debt

 

 


All groups

2808

£5,681

£19,103

 

 


 

 

 

 

 

 


By year of study

 

 

 

 

 


Year of study

Ave debt/yr

Projected debt

 

 

 


1

£7,037

£24,117

 

 

 


2

£5,498

£18,842

 

 

 


3

£5,380

£18,437

 

 

 


4

£3,853

£15,797

 

 

 


5+

£4,162

£22,475

 

 

 


 

 

 

 

 

 


Highest debts

 

 

 

 

 


Highest average debts

Ave debt/yr

Projected debt

 

 

 


Birkbeck, University of London

£15,458

£57,658

 

 

 


University College, London

£14,788

£57,110

 

 

 


Goldsmiths, University of London

£11,040

£33,121

 

 

 


Royal Veterinary College, London

£10,642

£45,139

 

 

 


Sheffield Hallam University

£9,953

£36,025

 

 

 


 

 

 

 

 

 


Lowest debts

 

 

 

 

 


Lowest average debts

Ave debt/yr

Projected debt

 

 

 


University of Strathclyde

£726

£3,115

 

 

 


Heriot-Watt University

£855

£3,853

 

 

 


University of Aberdeen

£1,366

£5,465

 

 

 


Robert Gordon University

£1,545

£6,392

 

 

 


University of the West of Scotland

£1,778

£7,193

 

 

 


 

 

 

 

 

 


Where is the money owed?

 

 

 

 


Creditor

Ave debt/yr

% of total debt

 

 

 


Parents/family

£1,677

13.2%

 

 

 


The Student Loans Company

£9,567

75.1%

 

 

 


Bank accounts

£628

4.9%

 

 

 


Credit cards

£242

1.9%

 

 

 


University or student union

£72

0.6%

 

 

 


Other

£559

4.4%

 

 

 


 

 

 

 

 

 


 

 

 

 

 

 


Historical comparisons: 2004-2011


 

 

 

 

 

 


Annual comparisons by UK nation

Average debt per year of study



Year

Wales

Scotland

NI

England

UK


2004

£2,940

£2,547

£820

£3,379

£3,411


2005

£3,144

£2,476

£820

£3,660

£3,428


2006

£3,441

£2,283

£3,387

£3,200

£3,117


2007

£4,136

£2,344

£4,067

£4,295

£4,097


2008

£4,021

£3,453

£3,061

£4,729

£4,530


2009

£4,782

£2,194

£4,324

£5,271

£5,066


2010

£6,411

£2,637

£3,769

£5,293

£5,340


2011

£6,231

£2,025

£4,319

£5,876

£5,681


%change (2010 to 2011)

-2.8%

-23.2%

14.6%

11.0%

6.4%


 

 

 

 

 

 


Debt projections

Projected debts for new students on graduation (estimated at the time for that year's intake)

 

 


 

 


 

 


Year

UK

 

 


2008/09

£22,000

 

 


2009/10

£23,500

 

 


2010/11

£24,700

 

 


2011/12

debt per year:

£6,043

£26,100

 

 


2012/13*

debt per year:

£15,581

£53,400

 

 


 

 

 

 

 

 


* Average fees from 2012 have been assumed to be £8,630

 

 

 


 

 

 

Copyright Push © 2011

Last updated on: 15 August 2011

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