Student debt has increased considerably since student loans replaced the grants system in 1990/1991. According to an article in The Guardian, bleak employment prospects have meant that the number of full-time students has increased by 10% in the last 12 months alone. Student finances may be strained, but a college education has rarely been more popular, particularly amongst older students.
Student Debts Increase
- The Barclays Student Debt survey took place between 1992 to 2002. During this period, the amount owed increased from £1,800 to £7,400.
- The Barclays Graduate Debt survey between 1994 and 2004 showed that debt had increased from £3,100 to £14,700.
- A 2007 push.co.uk survey estimated that full-time students commencing their degree in 2006/2007 should expect to owe £17,500 upon graduation. This figure is expected to increase to £21,500 for those attending university just 12 months later.
Student Debt Grows Fastest in Lower Socio-Economic Groups
A comprehensive 2007/2008 Student Income and Expenditure Survey found that debt is growing most quickly amongst full-time students from routine/manual socio-economic backgrounds.