Endsleigh insurance calls for student debt advice

Endsleigh is calling for students to get debt advice while they are at college and university to help them avoid them developing debt problems.

A recent survey carried out by Endsleigh shows that there is a big gap in the way students across the country regard their student debt.

Expectation of debt repayment ranged massively across the UK, graduates from the University of Brighton expected to pay off their total debt in four years, whilst those attending the University of Middlesex were much more pessimistic - estimating that it would take 13 years.

Analysts suggest that students should be given a much more accurate idea of the debt that they generate at university - this should help to prevent getting bad credit or developing unmanageable levels of debt both while studying and after graduation.

Dan Vale, head of policy at Citizens Advice (CAB), said: "The survey shows just how difficult it is for people to make a realistic assessment of pack-back rates of credit.

"Greater awareness of how to shop wisely for credit and cope with debt is needed among graduates just as much as in the rest of the population.

"The CAB service deals with over one million enquiries about debt every year. We would urge any graduate who is worried about repaying their student debts to visit their local CAB for free and confidential advice."

Endsleigh's survey found that the average debt students thought they would generate at university was £12,822.

CAB advises that students should begin paying back the debt as soon as possible, this should help reduce the amount of interest that accumulates on the outstanding amount.