Today’s UCAS figures show that there are currently 670,000 students set to start a higher education course in the autumn this year.
Commenting on the announcement Michael Ossei, personal finance expert at uSwitch.com, says: “While starting university is an exciting time, students face a lifetime of debt when they finish. A future blighted by student debt and poor job prospects means it takes graduates a whopping 11 years just to clear their student debts of £21,198. With fees hitting £9,000 a year from September things are set to go from bad to worse for future generations.
“But a bleak financial situation isn’t the only unfortunate hangover from university – nearly four in ten graduates have been forced to put their life on hold because of debt. One in three (30%) put off starting a family, while over a quarter (29%) have put marriage plans on hold. Of those who have been forced to put life plans on hold, three in ten (29%) had to postpone their plans to start a family by at least 5 years while over a quarter (27%) put off getting by married by the same amount of time.
“These stats clearly show just how important it is for today’s youngsters to plan ahead and to be as savvy as possible when it comes to their student finances. Being aware of the best options when it comes to student accounts and interest rates as well as charges on student loans, credit cards and overdrafts are just some of the things that can have a major impact on their financial position when they leave university.”
Other key facts:
– Bleak future: six in ten recent graduates (56%) have had to wait to start saving, while nearly half (48%) have put off buying a home
– Financial reality: over two thirds of graduates (68%) underestimated the amount of student debt they would incur – one in five (21%) would now potentially consider bankruptcy as a result of their debt mountain
– Uneducated students: four in ten (40%) graduates don’t know the rate of interest charged on their student loan and 14% have no idea what they are being charged on their overdraft.
Source : uSwitch.com
