English students facing graduating debts of £43.5K

Students who start a three-year university course in England in 2013 may owe as much as £43,500 by the end of it.

Credit Action's Student Moneymanual 2013 has unveiled the scale of the problem facing individuals who complete third-level degrees in the country and take out the maximum loan every year. Indeed, they are being asked to take on nearly twice as much debt as those from other nations in the UK.

Individuals from Northern Ireland (£24,245), Wales (£24,630) and Scotland (£22,000) will emerge with much less in arrears, according to the charity's estimates. English students are facing fees of up to £9,000, while those in Scotland do not have to pay anything.

Credit Action chief executive officer Michelle Highman noted that although a degree should rightly be looked upon as a "fantastic investment" – especially in terms of the higher salaries they can bring in the future – young people should be making a balanced decision on whether they want to commit to borrowing such a large amount of money.

"There are arguments that you'll never pay back your student loan. The chances are that, because of your higher graduate salary, you will. Do the sums for yourself, get educated about interest rates and make an informed choice," she added.

If people accrue a lot of student debt while at university, then they may struggle with money management across the board. If this is the case, then seeking out debt help is a good idea. Consumers can bring their financial situation under control by using a debt management plan – although they do need to owe over £1,500 to more than one creditor in order to qualify.

Earlier this month, chief executive of the Personal Finance Education Group Tracey Bleakley told the Chelmsford Weekly News that financial education should be introduced into schools in order to make sure youngsters have the necessary skills to look after their own money.

By Amy White