Lloyds TSB News Update: Struggling Students
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Lloyds TSB news update: a recent survey by Lloyds TSB shows as university tuition costs have risen, so has the number of students financially struggling
Over half of university students currently believe they will leave university with a debt in excess of £10,000; the average estimate is in the region of £16,900, despite the fact that over half of students are employed during their courses. 29% of the working half also claim the work to try and help cover their debts has a negative impact upon their school work. On top of this 18% of full time students barely have the financial ability to cover each months expenses and another 48% feel they just about mange on the money they have. Therefore it is unsurprising 45% of students worry about their debts and financial situation. A year since university fees were introduced, September 2012, Lloyds TSB third Student financial report is showing a growing number of pupils who are currently struggling to get by on their income. On average just under one in five, 18%, of pupils who were asked in the survey say they cannot match their monthly outgoings which is higher than last years one in six.
Most of a student’s annual income is comprised of student loans, due to this over 55% of students feel they will be in five figure debt by the time complete their course and by the time they graduate. The predicted estimate of £16,909 is a huge contrast compared to the first year undergraduates’ estimate of £27,790. This is a huge sign that the increased tuition fees are having a massive impact upon the students of today. Therefore there is no surprise that over 50% of first year undergraduates had major concerns over the levels of debt they would accumulate over their university course. Also, Lloyds TSB report that nearly 40% of undergraduates said that a tuition fee was the main factor this year in deciding on where they would go. With many struggling with financial difficultly over 50% of student have taken up either full or part time jobs within the last year with has increased for the 48% last year. Of the 51% currently in work just over half, 52%, claim that the work they have undertaken is helping to support them throughout their stay at university. Last year over 75% of students worked for less than 15 hours a week, this number has now fallen to 69% yet average hourly earnings have increased from £7.89 in 2011 to £8.18 this year. Only a small portion of students less than 40% feel they can achieve the right balance of socialising, study and work.
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