Halifax: Average student owes £7,502

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Halifax: Average student owes £7,502

The average student currently at university in the UK owes £7,502, according to Halifax.

In its latest annual Student Finances Survey, the bank claimed that three in ten students have debts of more than £10,000.

Student loans are the most common form of debt, with 83 per cent of university attendees having taken one out. Overdraft facilities are held by 73 per cent, while credit cards are owned by 73 per cent.

Sue Harper, head of Student Banking at Halifax, said the average debt would be a "significant" sum even for somebody in full-time work.

"Our advice to students is to budget carefully and to shop around for the best financial deals," she said.

"The difference between the most generous interest-free overdrafts and the most expensive could be worth several hundred pounds over the course of your studies."

Last week, moneysupermarket.com singled out NatWest and HSBC for praise for their current accounts aimed at students.

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