What Does the Push Survey Say About Average Student Debts?
In 2015 the average debt for a year of study at a UK university was £5,340. This gave an estimated total debt level of £23,500 for a student that went to college for the first time in that academic year. According to the body’s projected figures for 2016 entrance, there is a 5.4% increase on the cards. This will give an annual average of £5,628 and a total of £24,702.
The research released by Push is based on talking to students about how much debt they run up at college. It does not include the costs of mortgage debt for student homeowners but does include tuition fees, loans and borrowing from bank accounts and credit cards.
Regional Student Loan Debt Variations
Students attending universities and colleges in Wales showed the highest debt levels in 2015 with an average of £6,411 per annum. English students averaged £5,293. The lowest levels were shown by those studying in Northern Ireland (£3,769) and Scotland (£2,367). It is worth noting, however, that Scottish fees tend to be lower but students also usually study there for four years.
Which Universities Create the Largest Average Student Debts?
The five universities with the highest overall debt totals in 2015 all had figures that were significantly higher than the national average. The lowest ranking college here (University of Cumbria) showed a projected overall debt of £35,154. The highest (University of London) came in at £47,945. In between, came the Central School of Speech and Drama (£38,071), Goldsmiths, University of London (£36,638) and Middlesex University (£35,830).
Which Universities Rank Lowest in Student Debt Terms?
The five universities at the bottom end of the 2015 scale also show a large difference from the average total debt figures. The lowest ranked (Birkbeck, University of London) listed total projected debts of just £1,183. The highest (University of the West of Scotland) reached just £4,554. In between these two colleges came Heriot-Watt (£4,426), the University of Aberdeen (£3,434) and Queen Margaret University (£1,738).
Where a student chooses to study could play a part in how much debt they are liable for by the time their studies are over. Four of the five colleges with the lowest debt, for example, are based in Scotland. Some universities and courses will cost more than others; living costs in some areas of the country will be higher than in others.