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Report reveals that debt of UK university students adds up to £20bn


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A new report has found that students in the UK are in debt to the tune of nearly £20bn.

MoneyThe YouGov study found that most of this debt is owed to the Student Loans Company, with around 15% also being made up of commercial debt or debt to friends and family.

It also found the average student had income of £9,708 in the 2012/13 academic year (including tuition fee loans), or £6,951 excluding tuition fee loans. The excess of spending over income is equivalent to £726 per student. On average, students owe around £940 to financial companies and £469 to friends, family and other relatives, a total of £1,409.

Commenting on the report findings, YouGov SixthSense Research Director James McCoy said: “Our research shows that despite students getting financial help from the government, their parents, and taking part-time jobs to support themselves, most are still spending more than they are taking in. As a result, over a quarter of students say university is not worth the cost of the new, higher tuition fees. There is a very real threat that more young people will opt to skip university altogether.”

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