¶ … U.K university students who are debt ridden.
Survey on Student Debts
University students today are facing increasingly high levels of debt because of the credit card and the various student loan institutions available to them. This leads to them suffering from anxiety and depression when they are unable to pay it off.
A national survey that was conducted by the academics at various universities in the U.K came up to the conclusion that students have no trust in banks and other loaning institutions, meanwhile nearly two thirds of parents of university students are opposed to the government's current student support system called top fee. The survey also concluded that the current fees and loans system is detested among the student body as well.
Margaret Hodge also accepted that system of loan schemes would pose to be a nightmare for the students in the future.
The students want the prime minister to rethink on university tuition fees. Somehow even for the government this is not a feasible task since the cost of tuition fees and cost-of-living loans will be £600m a year.
The fact is that less than half the public is for the present system, this adds to the mounting pressure on the government to rethink over it since it cuts off the chances of the highly intelligent students coming from lower income bracket to go to university. Many opine that the government is promoting the student loan scheme leading to the development of a debt culture.
There are several surveys that suggest that nearly three quarters of the students who graduate with excessive debts tend to suffer from high anxiety, and severe depression.
The government may think that borrowing money from the student loan schemes will lessen student debts but in reality they only generate a distrust of financial institutions.
A national survey revealed that the view towards undergraduate debts discovered that two thirds of parents with children in universities were opposed to the current government loan scheme for students proposed by the government.
Parents don't really believe that students will learn about real life from borrowing money during university but they think that borrowing will simply cause students to become comfortable with debt as part of life. Statistics reveal that 85% of the students are accustomed to borrowing while at university.
It is funny how the statistics reveal different results fro males and females. It is noted that less women acquire debt, and even those who are in a debt in normally restricted to lower level of debt and in comparison to males they are ironically more worried about their debts too.
Women are more likely to pay a bill with their last £10, while men are more likely to spend it on alcohol and other social activities. Men are in more debts because they normally have a 'devil may care' attitude. They also spend senselessly on their social activities even though they know their debt is rising.
One of the mistakes incurred by the current students is their belief in the fact that they will be able to relieve themselves of the huge debts by their unrealistic optimism about their future income.
The academics are of the view that the student loans system should not be thought of as a replacement of the grants system. With the present funding system the academics feel the necessity of programs that inculcate the students with the education in money management
Here is a good example of an American university student named Eddie Fishel who chooses to use his credit cards to buy everything he needs. When his TV was out of order he chose to use his credit card to buy a new one.
Even when he needs groceries or other necessities, he uses his credit card for purchase that could have been done with cash. Like most other people his age, he is well aware of the fact that heavy use of the credit leads to serious debt, Fishel, a Kansas State senior in mechanical engineering, seems to be the least bit worried about the way he uses his cards.
He also suffers from the notion that he will be able to pay off his debts when he starts working and earning a good income. He adds to the 83% of the undergraduates who have at least one credit card.
According to a study, there is an increase in the number of undergraduate college students carrying credit cards and having huge debts than ever before. There is also a marked percentage increase in the number of students having at least one card. This has risen by 24% since 1998.
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