Latest Debt News
Student debt sees more pressure on parents
26/09/2006 17:52:00
Students are borrowing heavily from their parents as the level of debt rises, according to a survey by the Royal Bank of Scotland.
The bank's poll of students living in 26 university cities found that many borrowed over £100 per week, with Birmingham-based students topping the table at £152.50, followed by London at £148.60.
Liverpool was the only city in which students did not borrow at least £50 per week.
The survey also showed that 45 per cent of students take a term-time job to help make ends meet.
Student debt has reached record levels, with a recent report in 1 Stop Finance Shop highlighting a survey by Student-debt.org which stated the average debt for a graduate when he or she leaves higher education is £15,000.
According to the survey 62 per cent of students struggle to survive financially, while two thirds of those who drop out cite debt as the reason.
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