Average student debt?

Keeping_Motivated

What is the average student debt?

If my DS borrows the loan and fees all 3 years then he will have around 21K of debt. That is if he can manage on that, otherwise he will be using his overdraft or a credit card, therefore it will be more than 21K :eek:

I thought the average was 12K but I have no idea how I got that figure in my head

atypical

£5,271 for every year of study in England so around £16k for a 3 year course. Sourced from BBC News.

ruffwood

I think your figs will be more or less correct for a 3 year course. 3K for course and 4K loan and then you are on 7K each year. My daughter is heading for that figure going into her last year and so are her friends who incidentally get grants. They still have the 3K fees and take a loan close to 4K, only difference is I make up the difference as she gets no grant. 12K might be figure of graduates of a few years ago

ladymarmalade

I think the BBC figures are a bit low. Bear mind tuition fees are now over £3000 a year ....so that's £9000 for the course. And on average I think its £4000 maintenance loans so thats £12000. Combine the two and you get your figure of 21k.

I have always managed to survive on the loans and working one day a week....it just depends on the lifestyle the student wants.

If your son is lucky their might be grants/bursaries available for him. My uni does one for £1000 a year for local students!

punky__56

My breakdown...

06/07 £1250 (tuition - foundation yr)
£3500 (loan)

07/08 £3000 (tuition)
£3500 (loan)

08/09 £1500 (placement yr half tuition fees)
£1750 (loan)

09/10 £3000 (tuition)
£3500 (loan)

10/11 £3000 (tuition)
£3000 (loan)

Overdraft ~ £2000

Total: £29k OUCH!

GrammarGirl

Mine currently stands at just under £12k, I graduated 2 years ago but have only been paying the minimum. High interest rates last year meant it shot up because my payments didn't even cover the interest! But now it's at 0% and I'm paying off more, so it'll start going down.

Lokolo

I am currently halfway through my 3rd (out of 4) years.

I owe: £14,159.16

mellymeep

After I graduate this year I will owe around 23k, counting my overdraft it'll be about 24k

Fire_Fox

The following is copied and pasted from a post I wrote elsewhere on the boards:

Grants still exist, approximately £300 a month in term time for those from a low income family. Middle to higher income families are expected to find a similar amount for their children. Add to that exemption from council tax (say £600 a year), student Oyster cards/ student bus passes (worth £400++ a year), part-time salary .... I have argued elsewhere on the boards that the average student is better off than someone living on a minimum wage salary.

The Student Income and Expenditure Survey 2007/08 makes interesting reading, from section 5:

"Full-time students reported spending an average of £6,496 on living costs over the academic year 2007/08. Of these costs:

■ Food accounted for just over a quarter of this expenditure (£1,724, 27 per cent).

■ Personal items such as clothes, toiletries, mobile phones, CDs, magazines and cigarettes accounted for around another quarter (£1,828, 28 per cent).

■ Spending on entertainment contributed a further 18 per cent (£1,154).

■ About one-fifth was spent on travel not associated with their course (£1,343, 21 per cent)."

http://www.dius.gov.uk/research_and_.../DIUS_RR_09_05

As stated earlier there are entire families whose living costs do not exceed £4000 a year (see DFW board). There are increasing numbers of students who opt/ expect to run a car, and then wonder why they leave university massively debt (see student board). I do not see why the taxpayer should have to fund the lifestyle detailed above, which comes straight from the horse's mouth.

Multiply the average students £6.5K a year living expenses by three years study and you get £19.5k of debt. Remove £1000 per annum for food and you get £16,500 of unnecessary expenditure. The average student debt is £15,700 according to a recent YouGov survey: http://www.callcredit.co.uk/press/2009/news-355.aspx

Lokolo

My total living costs is a lot higher than that lol.

Mines around the £9-11k mark. :T

But that does include money going into savings and such.

Dave101t

12k is slightly outdated now, 20k is fast becoming more common