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