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Average Undergraduate Debt Figures 2007-08-20

Posted by clype in Money, Statistics.
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Nearly a third of students owe more than 10 000 GBP, with the average undergraduate 7 500 GBP in debt, research shows.

Eight out of 10 students have a student loan, owing an average of 4 550 GBP on it, while 73 per cent have an overdraft facility, which around 50 per cent of undergraduates use, according to high street bank Halifax.

Among those using their overdraft a third are overdrawn by more than 1 250 GBP, with the average undergraduate owing 952 GBP, while 43 per cent of students also have a credit card on which they have borrowed an average of 778 GBP.

More than one in four students said they were relying on debt to help fund their degree. 52 per cent were also working while they were at university, 50 per cent got help from their parents, 44 per cent received money from the Government and 29 per cent used their savings.

Overall, 82 per cent of undergraduates expect to leave university with debt.

Sue Harper, head of student banking at Halifax, said:

‘These results show just how much debt students are building up while studying. These are significant sums for anyone, let alone someone who is not yet working full-time.’

Students spend an average of 164.90 GBP/week, with accommodation their single biggest expenditure at an average of 60.70 GBP/week, followed by food at 27.00GBP/week

But undergraduates also spend a total of 41.20 GBP on cigarettes, alcohol, pubs, cinemas and takeaways each week — four times the amount they spend on course materials, books and stationery.

Male students spend more on socialising than female ones at an average of 46.80 GBP/week, compared with women’s 36.80GBP/week.

Undergraduates expect to earn an average of 18 790 GBP/year in their first job, although 15 per cent think their first salary will be less than 15 000 GBP/year.

But recent research from NatWest suggested graduate earnings during the first year are actually more likely to be around 14 515 GBP.

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