’20 years of debt’ for students

Those leaving university believe that it will take them up to 20 years to pay off debts amassed during their college years, new research has shown.

The poll, commissioned by insurance provider Endsleigh, found that 29.2 per cent believe they will have run up debts of over £20,000 when they come to graduate, although 7.5 per cent are sure they will finish their studies without owing anything, the Associated Press reports.

Furthermore, the results indicated that four per cent of students feel they will never be able to pay back their debts, while eight per cent intend to settle their accounts as soon as they leave university.

Financial advisor with Endsleigh James Crocker observed: “The results of this survey point to the increasing financial strain today’s student is under.”

Earlier this month, research from Abbey revealed that unpaid work could be contributing to the amount of debt suffered by students, with young people giving up as much as eight weeks of their own time to work for free.

By Sarah Adie