Huge student debts exposed by AIC

12/08/2009

Britain's recent graduates are facing a debt mountain, new research from the Association of Investment Companies (AIC) has revealed.

According to the organisation, around one in four people graduating from a UK university will owe over £20,000 to creditors.

This includes money owed on credit cards and loans - quite apart from their student loans.

What's more, the AIC also laid bare the impact of the recession on student finances, with rising unemployment and tightening mortgage conditions limiting parents' ability to fund their student children.

In all, 74 per cent of parents told the pollsters that the downturn made it "harder" to meet these costs.

Commenting, AIC communications director Annabel Brodie-Smith said: "In this economic climate it is extremely important that students and parents understand the true levels of debt they will face on graduation.

"Clearly the recession is making it harder for today's parents to help fund their children's university education and so it is important to plan ahead."

Tags; Debt Management and Banking, Recent Graduate Debt,

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