According to uswitch.com, crippling student debt, which will take 11 years on average to clear, is forcing almost four in ten graduates (38%) to put their life on hold. Not only are almost 56% of graduates unable to save, but other big life decisions such as getting married or starting a family are also being put off because of student debt.
Some of the startling figures from the research include:
- Graduates now face an average debt of £21,198 after they finish university
- Nearly half of graduates are forced to put off buying a home because of student debt, 30% delay starting a family and 29% put off getting married
- 40% of graduates don’t know the rate of interest charged on their student loan and 14% have no idea what they are being charged on their overdraft