Student debt has increased 550% in nine years
Average student debt today has increased by nearly 550% when compared with 1992, according to the Tenth Barclays Student Survey released last month. The average student debt recorded 10 years ago was £1095, compared with the 2001 figure of £5961--the highest level of average debt recorded since the survey began.
According to the bank's figures, 95% of students are currently in debt, with 80% also balancing a job as well as their degree in order to live. Thirty nine per cent of students are employed for an average of 15 hours a week--a figure well above the 10 hours recommended by the National Union of Students (NUS).
Barclays Bank estimates that the total amount of UK student debt now stands at a staggering £4856m, even after total parental funding of £508m is taken into account. The high levels of debt are partly explained by the gradual abolition of student grants