- Monday, 10 August 2009The number of people entering into
individual voluntary agreements (IVAs) could rise as a result of an expected increase in student debt over the next seven years.
According to the Universities UK report in March this year, the average graduate debt could rise from £14,161 to £26,400 by 2016.
Despite this projection however, uSwitch.com has revealed that graduates are not helping themselves and are failing to choose the best current accounts, leading to increased costs.
Research suggests that interest payments of approximately £30 million are made yearly by students who could have signed up to better deals.
Louise Bond, personal finance expert at uSwitch.com, said: "For many graduates, debt is an expected millstone around their neck long after they leave university.
"With the economic outlook in the years to come still unpredictable and with competition for jobs fiercer than ever, it is vital that students entering university education give themselves the best possible chance of managing that debt."
A report published in March of this year suggested that raising tuition fees to £5,000 a year would not deter students from attending university.
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