31st August 2011 9:00
By Blue Tutors
For a student beginning university in 2012, the average debt by the end of their education will be £53,000, almost double the current average. That’s the message from the Push University Guide, who have recently released figures on expected student finances following the rise in tuition fees. Reported on the BBC website, the survey was published only a week before the A Level results, with competition for university places expected to be higher than ever in an attempt to avoid the tuition fee increase.
The survey takes into account the new tuition fees, expected to average £8,630 for English students, but also considers the current cost of borrowing (beyond inflation), and commercial loans applied for by students, particularly those studying in London. Johnny Rich, who worked on the data, said that the figure is higher than expected, but he thinks there is an error margin of only 10%.
The government have reiterated that no one should be put off applying to university for financial reasons, and that the repayment system will have less of an impact on a graduate’s future than previously. Also, many universities have said they are committed to providing more and better support for students struggling with their finances, including larger living cost grants, fee waivers and scholarships.
The University and college Union, and National Union of students do not agree with the government’s sentiment however, and president of the NUS, Liam Burns, said that the rise in tuition fees is one thing, but leaving students saddled with large commercial debts is ‘scandalous’.