Posted: Tue Aug 21, 2007 10:01 am
Students have thousands in debt
UK students have average debt levels of £7,500, according to new research.
Figures from the Halifax Student Finances Survey 2007 discovered that students use a combination of methods in order to fund their higher education.
The most popular mix of the two was 52 per cent funding through working and 50 per cent through parental contribution.
There were regional differences evident in funding patterns also with students in Scotland the most likely to work to fund their studies with 67 per cent having jobs.
The breakdown of student debt varied with the three most common forms being student loans, overdrafts and credit cards.
Some 83 per cent of students surveyed had a student loan with the highest percentage in the south-west (89 per cent). Almost three quarters of students (73 per cent) have an overdraft facility.
Sue Harper, head of Student Banking at Halifax, said: "These results show just how much debt students are building up while studying. These are significant sums for anyone let alone someone who is not yet working full-time.
"Our advice to students is to budget carefully and to shop around for the best financial deals. The difference between the most generous interest-free overdrafts and the most expensive could be worth several hundred pounds over the course of your studies."
Source: financenewsonline.co.uk
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UK students have average debt levels of £7,500, according to new research.
Figures from the Halifax Student Finances Survey 2007 discovered that students use a combination of methods in order to fund their higher education.
The most popular mix of the two was 52 per cent funding through working and 50 per cent through parental contribution.
There were regional differences evident in funding patterns also with students in Scotland the most likely to work to fund their studies with 67 per cent having jobs.
The breakdown of student debt varied with the three most common forms being student loans, overdrafts and credit cards.
Some 83 per cent of students surveyed had a student loan with the highest percentage in the south-west (89 per cent). Almost three quarters of students (73 per cent) have an overdraft facility.
Sue Harper, head of Student Banking at Halifax, said: "These results show just how much debt students are building up while studying. These are significant sums for anyone let alone someone who is not yet working full-time.
"Our advice to students is to budget carefully and to shop around for the best financial deals. The difference between the most generous interest-free overdrafts and the most expensive could be worth several hundred pounds over the course of your studies."
Source: financenewsonline.co.uk
Please post any news stories about IVAs here:
http://www.iva.co.uk/forum/default.asp?CAT_ID=5
See my Blog:
http://ivanews.blogs.iva.co.uk