College students trade time off to tackle rising debt

Posted 2007-12-3

Many of our youth who would typically take a year off from school before beginning their studies at college, are now foregoing the break to prepare for impending debt.

A great number of students (and parents) have growing concerns over the rising cost of student loans, tuition and all associated expenses of higher learning. Students are therefore beginning to work through their traditional year off and save money to meet the expensive demands, according NatWest. 

Mark Worthington, Head of NatWest Student Banking, offered, ‘It is encouraging that young people are thinking ahead and using their gap years as a valuable opportunity to save for their future studies.’

Research has revealed that more than 50,000 such youngsters plan to work through at least one year; in order to lessen the debt they will accrue while undertaking their studies. Additionally, a growing number of students will also continue to seek work during their study periods, and split their time between earning an income and gaining a higher education.

A recent Halifax Student Finances survey showed that the average debt accrued by those in ongoing education through loans, overdrafts and credit cards, now stands at approximately £7,502.

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