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Money Box
Money Box Live: Can you afford university?
Oct 23, 2024
Tom Allingham from Save the Student and Kellie McAlonan, Chair of the National Association of Student Money Advisors, share their expert insights on the daunting financial landscape of UK higher education. They tackle the staggering average graduate debt of £48,500, analyze varying tuition fees, and discuss the emotional toll on students. The guests also uncover the strategies students employ to manage finances and stress the importance of research into funding options. Their candid conversation sheds light on the reality of student loans and the financial planning needed for university.
28:27
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Quick takeaways
- The average student debt in England is approximately £48,500, significantly affecting graduates' financial health and future choices.
- A substantial 58% of students are balancing part-time work with their studies, impacting their academic performance and stress levels.
Deep dives
Student Debt and Financial Stress
The average student debt upon graduation in England is around £48,500, primarily due to tuition and living costs. Students face financial stress, with 80% reporting that money worries significantly impact their well-being. Many new students are planning to take on part-time jobs to supplement their finances as their student loans often do not cover all living expenses. This reality leads to students viewing their debt as 'monopoly money', which helps them cope but may hinder their understanding of the looming financial obligations.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode