Students to require debt help as living costs spiral?

An increasing number of students may soon require debt management help as it has been revealed the cost of living for scholars is on the rise.

New research carried out by Family Investments has shown the average monthly outgoings to sustain decent living standards for university goers have swelled by 28 per cent since 2004.

It means those in full-time higher education now face costs of £718 – up from the £561 recorded six years earlier.

And undergraduates beginning their degree this year may be hit by monthly costs of £818 before they finish university in 2013, the study found, marking a £100-a-month increase.

It means the average student now needs to spend £8,616 to sustain their living standards, but this could jump to £9,816 in three years time.

The single biggest expense for pupils is rent, with the average accommodation cost setting them back £193 every four weeks.

Moreover, the price of food has escalated almost 13 per cent each year since 2004, with the average monthly expenditure on consumables rising from £44 to £78.

The only costs to have witnessed reductions in this period have been recreation and transport, which have lessened from £51 a month to £49 and from £85 to £72 respectively.

Kate Moore, head of savings and investments at the organisation, warned: “Prospective students face an increased cost of living, the potential for large sums of debt and a flat job market.”

Aviva recently urged students to make sure they are adequately insured for the belongings they take to university after it was revealed scholars are among the most likely groups to fall victim to theft.

By Amy White