AIC: Students looking for debt relief concerned about the future

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AIC: Students looking for debt relief concerned about the future

Wed 18th Aug 2010

Many university students looking for debt relief believe it will take at least a decade to pay off what they owe, a new study has found.

According to the Association of Investment Companies (AIC), 49 per cent believe they will still be repaying their student debt in over a decade.

Research also revealed that many are concerned about their job prospects, as 55 per cent are worried about being able to find employment after graduating.

Ian Overgage, acting communications director at the AIC, commented: "Many young people go to university to enjoy some of the best years of their life but the reality on graduation is a huge financial burden which will take years to pay off."

The study also identified worries among parents, as 82 per cent of mums and dads believe the recession has made it more difficult to fund their child's university education.

In addition, nearly one in four parents said they would give up their annual holiday in order to give their child the chance to get a degree.

This comes after Lloyds TSB revealed that student debt in the UK is now more than £23,000, which has resulted in two-thirds working part-time to earn extra money.

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