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Online discount site, MyVoucherCodes, has conducted a study to investigate how much of their student debt graduates will have to pay back, after interest and taking into consideration average starting salaries and pay rise rates.

According to UCAS, a record number of students were accepted into higher education in 2015. Combined with an increase in tuition fees from a maximum of £3375 to £9250 between 2012 and 2017, the scrapping of maintenance grants means that may students require larger loans to cover their living costs, leaving them with more post-graduation debt than ever before.

Some of the key findings of the study included that those entering a career in Mechanical Engineering will, on average, pay off their debts in 29 years and four months, whilst paying £27,930 in interest. Conversely, journalists and publishers will have their debt automatically written off after 30 years, having paid only 43% of the final figure.

MyVoucherCodes have also released a series of money-saving guidelines for students affected by the increases in debt, including tips for seeking out scholarships and bursaries to support funding, searching for part time jobs, and choosing the best student bank account possible.

 

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