STUDENTS AT Edinburgh University will next week begin a new term amid concerns that student debt is reaching a critical level, after research published during the summer predicted that the national average for debt upon graduation would exceed £20,000 within three years. Two reports, released almost simultaneously by university guide, Push, and a collaboration between HSBC and the National Union of Students respectively, cite increasing living costs, economic instability and a widespread underestimation of living costs among new students as factors contributing to a bleak financial outlook. The Push survey indicates that, based on projected figures for years one to four, the current UK average debt upon graduation is £14,151, although those currently starting their second year can expect to face estimated sums of over £17,500. Debt at Edinburgh weighed in at almost £1,800 over the average with £15,907, while west coast counterpart, the University of Glasgow, emerged with average debts of £24,344, the fifth highest in the entire Push survey.

Freshers have proved to be by far the worst for accumulating debt, with the average UK student ending their first year £5,563 in the red. The HSBC/NUS report puts forward the notion that this is due to school leavers setting off for university with unrealistically low expectations for living expenses. Polls revealed that the average prospective student’s prediction of annual outgoings falls almost £450 short of the actual figure of £4,900. 

While the HSBC/NUS report notes that the UK average for weekly expenditure on rent, groceries and bills is £135.81, figures published this year by the University of Edinburgh advise prospective students that the equivalent bill would come to around £150, suggesting that student life in Edinburgh is around 15% more expensive than the national average.

Despite the current system of Scottish students studying in Scotland having fees paid by the SAAS, this appears not to be as effective at relieving financial strain as was originally hoped, with average student debt in Scotland up nearly a third on last year. Meanwhile, another recent report released by the NUS entitled Broke and Broken calls the current system of higher education funding in England ‘socially regressive’ and ‘harmful to learning’.

NUS President, Wes Streeting, commented that “prospective students need far more information, advice and guidance about how to manage their own finances. When they leave home for the first time, many students are unaware of the costs of everyday life, and how debt can mount up.” He also spoke of a need to ‘overhaul our bursary system’, calling for a standardised national scheme for student support.

Push Series Editor, Johnny Rich, however, remained insistent that ‘the advantages of having a degree still vastly outweigh the costs’.