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Graduate debt increasing, says report
Wednesday, 22 April 2009
The cost of gaining a university education is rising, according to a new study, which says that the average graduate debt is now at £10,500 after a three-year course.
Commissioned by the government, the Institute for Employment Studies and the National Centre for Social Research study found that a rise in tuition fees had caused graduate debts to rise by two-thirds since 2005.
One year in university now ends up with an average of £3,500 debt, according to the report, while three years ago this figure was at £2,400 and a third of students are taking into account financial help when choosing where to study.
Wes Streeting, president of the National Union of Students, said: "It is not acceptable that a third of students have to base their decisions about which university to attend or which course to study on the amount of financial support which will be available to them."
The results of the report echo the findings of a recent survey by the UK Youth Parliament, which said that one-third of prospective graduates were considering a university closer to home to save on rent costs.