A large proportion of students expect to have to make adjustments to their personal finance arrangements due to the hike in tuition fees, a new study has found
Research published yesterday (September 24th) by Lloyds TSB revealed that the rising cost of completing a degree – many courses now require fees of £9,000 per year – is having a significant impact on the financial mindset of scholars.
For instance, 32 per cent of those currently at university believe they would need to take out a loan to help them manage their money if the cost of their degree went up.
Meanwhile, some 21 per cent said they would have to balance their studies with a job, while 22 per cent indicated they would have little choice but to borrow from family and friends.
Jatin Patel, director of current accounts at Lloyds TSB, observed: "With low average earnings, increased tuition fees may mean new students in particular face greater challenges in meeting monthly outgoings."