Counting the cost of going on to University (From Free Press Series)

Counting the cost of going on to University

STUDENT debts are soaring out of control.

In fact, the cost of studying for a degree has escalated to such heights that many would-be graduates are ditching their dreams of a higher education and settling for place at the bottom of the employment ladder.

The average student debt now stands at more than £12,500 and, according to the National Union of Students, things are not going to get any better.

The union predicts that by 2010, the average graduate will be nursing a staggering debt of £33,708 - a high price to pay for furthering an education.

Sixth form students in Monmouthshire applying to go to university are being advised on how to manage their finances as well as which courses are best suited to them.

Caroline Dean, head of sixth form at Monmouth Comprehensive School, said it was important students knew the financial implications of university.

"There are three main things we do. Firstly, Monmouthshire County Council staff come to the school and do a talk with the parents about the financial ins and outs of going to university. This is because it is a bit of a minefield so the parents have the chance to ask questions.

"We also involve the universities because they have all sorts of funds and bursaries available that not all students are aware off.

"Then, around the time when the students are thinking of applying, we talk to them in assembly and individually with their form tutors so we can discuss any concerns or queries they have about finances and university," she said.

It's all a far cry from 20 years ago when going to university meant 'vegging out' in your digs, doing your assignments at the last minute and thinking debt was something that belonged to the Third World. Today, even with two part-time jobs, some students are still losing the fight to keep their heads above water.

Rob Nun, student union president at the University of Newport, said debt was a fact of life for many students.

"When most have finished their degrees and should be thinking about a mortgage and a pension, they are in fact worrying about how to pay off their debts," he said.

Caroline Dean said the financial burden of university made many students think long and hard about which college and course was best for them.

"Some are looking closer to home. That first choice university now seems to be very much Cardiff or Swansea. A lot, of course, depends on the support they have at home, but certainly students have been put off going to London because of the higher living costs," she said.

Jean Sweet, head of sixth form at King Henry VIII school, added: "Students are much more financially aware today and that is certainly making them think more about the costs involved in going to one university compared to another," she said.

Monmouth AM David Davies has backed the fight against university fees. He said he was extremely concerned at the plight many local students were facing.

"I think it's absolutely appalling. University should not be about money and if you have enough to go, it should be about intelligence. I would like a review into the types of degrees on offer. We need less nebulous courses like degrees in surfing and more vocational ones in plumbing and other key skills. By doing this I think we would free-up more money and lessen the financial burden on students and universities," he said.

Student facts according to the National Union of Students

1) The average cost of a degree is now £20,000. 2) Increased studying and living costs in England and Wales have caused student debt to rise by 31 percent since 2002. 3) Top-up fees combined with increases in the cost of living could raise student debt at graduation to as much as £33,708 by 2010. 4) Nearly three quarters of students would have reconsidered their first choice university if it had demanded a top-up fee. 5) Two thirds of 2003 graduates moved back in with their parents to save money and pay off their debt. 6) Parents in the country are now paying more than £500 million towards university costs every year. 7) In 1992, only a third of students owed money. Now, 90 percent are in debt. 8) Only 17 percent of students are from 'working class' backgrounds. 9) The highest medical student debt stands at a whopping £27,350. 10) A total of 83 percent of school leavers and further education students worry about debts they will build up at university and 75 percent believe that if student loans were abolished and grants brought back, more people would go to university.