‘Many sources’ for student debt
Student debt is unlikely to be limited to a single loan, it has been claimed.
Financial search engine Moneyfacts suggests that students are likely to owe money to a number of different lenders.
And the company advises students to pay back their borrowing as soon as possible.
“Most people will leave university owing a five-figure sum, but be sensible about it,” suggests Andrew Hagger, Moneyfacts head of press.
“It doesn’t all have to be paid off within 12 months, but then again you can’t ignore it,” he adds.
Mr Hagger proposes that by working out a monthly budget based on a graduate salary, university leavers may be able to calculate how much they can afford to commit to repayments.
The news follows the publication of figures from the Student Loans Company which revealed that the UK’s national student debt now stands in excess of £3 billion.
A debt consolidation loan may be one option for those wishing to combine a number of borrowings into a single monthly repayment.
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