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Students 'to leave university with £30,000 debt'

Published 15/08/2015

Data from Lloyds Bank suggests students' overall estimated debt has jumped more than 15% in the last year alone.
Data from Lloyds Bank suggests students' overall estimated debt has jumped more than 15% in the last year alone.

Students expect to graduate with debts of up to £30,000 as the cost of university continues to soar.

Data from Lloyds Bank suggests students' overall estimated debt has jumped more than 15% in the last year alone.

This means a typical student will graduate owing £22,131, but for first year undergraduates the figure rises to £30,002.

The debt problem is so severe that almost one in five (19%) students now believe they will never pay it off, while a further 31% say it will take more than 20 years.

Worryingly, the data suggested students are becoming accustomed to mounting debts, with the number of student concerns over their borrowing actually falling.

Just under half (44%) said they were concerned this year, compared to a similar number (47%) in 2014.

Claire Garrod, Lloyds Bank current accounts director said: "Estimated levels of debt are continuing to rise for students. However, the number of students concerned about this debt has dropped this year and the majority are confident about their job prospects after graduating.

"For those that find money is tight at university, student current accounts are in place to help ease the burden. Students should look for accounts that offer an interest and fee-free planned overdraft, as well as discounts and cashback offers.

"Money management tools and banking apps can also help students to manage their money on the go and feel more in control of their finances."

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