Monday, December 4, 2006
Category:
Secured Loans
Although many students are this summer eagerly awaiting their A Level results with plans to go to university, huge numbers are underestimating the levels of debt that are involved in doing so
Although many students are this summer eagerly awaiting their A Level results with plans to go to university, huge numbers are underestimating the levels of debt that are involved in doing so, new research has found. The Association of Investment Trust Companies (AITC) has unveiled figures showing how many university students are loaded with debt upon leaving.
There seems to be a considerable gulf between the amounts of debt which parents expect their child to graduate with compared to the reality. It seems parents expect on average, their offspring would graduate with a debt of £7,080 when in fact the reality is almost twice as much at £13,500.
The largest worry for parents and students alike before university are financial ones with 55 per cent of 16-19 year olds concerned by this compared to 45 per cent of parents. Debt registered as the biggest single worry for both groups with 28 per cent of parents and 37 per cent of 16-19 year olds citing this as their main concern.
Annabel Brodie-Smith, Communications Director at the AITC, said: "Soon students up and down the country will be preparing to start their university courses in the autumn. However, it's concerning that so few would be students and their families really comprehend the financial implications of going to university. Many young people go to university to enjoy some of the best years of their life but on graduation will find themselves struggling to repay their debt."
...................................................................................................................................
With so many students leaving university laden with debt, many more young adults are experiencing financial problems. A debt consolidation package can provide the opportunity for consumers to re-order their finances and arrange their repayments into a manageable sum. A
secured loan could be one way parents can help out their children going to university, allowing them to start their careers after university debt free.
