The average owed for each year of study now stands at Â£3,103 according to LloydsTSB and Push, a nine per cent drop on last year’s figures.
“This year’s debt fall probably indicates some belt-tightening on the part of today’s students,” commented Johnny Rich, series editor of the Push guides.
However, this figure could rocket for the next generation of students as top-up fees come into force, which are around three times more than current fees.
Figures also showed that despite there being an overall drop in student debt, some individuals had debts of over Â£25,000 and at some universities average debts exceed Â£5,000 per year.
“More and more it matters which university you choose, not only to keep debts down, but also to make sure you get good value,” added Mr Rich.