IVA & Debt Consolidation Advice

A student finance advice group has highlighted the importance of good debt management in enabling students to complete their degree.

New figures reveal that the debt management struggle causes large numbers of students to drop out of university.

According to studentdebt.org.uk, half of those who leave their course before they have finished do so as a result of financial concerns.

Despite nearly half (45 per cent) of students working more than 16 hours a week during term time and more than four out of five (81 per cent) working over the summer, it is still not enough to ensure adequate debt management.

Parents are also feeling the pinch, as 58 per cent of students receive at least £5,000 from their parents to help meet costs.

"The financial pressures associated with a course of higher education should not be underestimated," a spokesman from studentdebt.org.uk said.

He went on to emphasise the importance of good debt management: "The majority of students do budget, but it they are to emerge from university financially stable, it is increasingly vital that they are well educated about how to manage their money."

Some 34 per cent of recent graduates believe they have a debt problem, the research also revealed.