Student debt is soaring
- By: Helen Barratt
Student debt has soared over the past three years, according to the latest NatWest annual survey. The bank anticipates that students finishing in 2002 will feel the full impact of tuition fees and the removal of grants, graduating with record debts of around £10 000 ($14 500; €16). The average graduate debt has increased by a massive £6700 since 1999.
Graduate starting salaries have also risen with today's average graduate earning around £13 500. Many are guaranteed a considerable hole in their pay packet, however, as monthly debt repayments of £200 are now the norm.
Contrary to expectations, the costs do not seem to deter students, as only a quarter of those asked considered not going to university because of tuition fees—a big decrease from over half in 2001. More than two thirds of 2002 graduates feel that tuition fees are not a fair way of students contributing to the