Paying £9,000 a Year Could Make You More Likely To Live With Your Parents After Uni
Student debt has been in the headlines time and again recently.
Now, a new study by the National Union of Students has found that almost half of the first batch of university graduates who paid £9000 tuition fees have been forced to move back home to save money. The NUS’ Double Jeopardy report, released August 17, revealed that 47% of graduates who left university in 2015 live with parents or guardians. The results are even more worrying when looking just at graduates aged 25 or under, 52% of whom moved back in with their parents after paying £9000 per year to study.
NUS also found that financial difficulty post-uni hits women the hardest.
Three times as many full-time working male grads are earning over £30,000 a year than women. Meanwhile, twice as many women are earning less than £15,000 than men.
Full-time working male graduates have significantly higher salaries than women pic.twitter.com/UaEzUGkuiF
— Peter Yeung (@ptr_yeung) August 17, 2016
Financial worries were added to for 60% graduates who still have non-student consumer debt left over from their degree, with the average amount being £2,600. 46% of 2015 graduates have also accumulated further debt since leaving university.
The news has been met with concern by both graduates and prospective university students.
This makes me question going to uni… a day before results https://t.co/HMCoupPuDW
— name cannot be blank (@friendshiptree3) August 17, 2016
@rachel_hosie 43% of graduates with full-time jobs have moved back in with their parents. I mean, srsly. Our generation needs help.
— Rachel Hosie (@rachel_hosie) August 17, 2016
Sorana Vieru, NUS Vice President for Higher Education said the research shows the extremity of debt and struggle that graduates are now facing.
Vieru said, “many graduates are without work, badly paid or in precarious and casualised employment, especially women,” adding, “The majority are in debt, not just with student loan repayments, but they also owe money to banks, credit card companies and loan sharks.”
She continued, “graduates face a double jeopardy: they enter the world of work having paid far more for their education, with the debts hanging over them. Yet they receive far less benefit from this education in the labour market compared to previous generations, while living costs keep rising and the welfare safety net is shrinking.”
Vieru criticised the government’s handling of education policy, saying, “Instead of waiting to fully assess the impact of the 2012 reform, the government has already sped into a new stage of marketisation with the higher education and research bill, and is forcing students to foot the bill through even higher tuition fees.”