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Student finances pushed more than ever

29 Oct 2007

Student finances pushed more than ever The UK's students are finding it increasingly difficult to cover the costs of life at university, according to a new study.

In a new report called Coming of Wage, the Social Issues Research Centre revealed the financial pressures put on young people while at university finding that there has been a "massive societal shift in the cost of becoming an adult".

With four times the number of students going to university compared with 30 years ago, rising house and rental prices as well as tuition fees, mean students are likely to leave higher education with an average debt of £12,000.

Commissioned by The Children's Mutual, the research also found that the cost of living rises significantly at the age of 18. It soars from the British average of two per cent to 6.22 per cent for university students.

The report said that parental involvement in young adults' financial support has also increased compared with 30 years ago.

"It was part of the ongoing parental commitment to provide support during higher education. Once you had left college, however, you were expected to 'make it on your own'," it stated.

Students feeling the weight of term time expenses may be interested to investigate the benefits of finding term time employment to start to make headway on reducing university debts.

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