Sixth formers ill-prepared for an uphill struggle

Would-be Students "Underestimate Costs"

With the Government proposing to add tuition fees to the financial burden students have to carry, a survey of 1,200 pupils from more than 50 secondary schools shows that almost two thirds do not think they will have to borrow any money above their student loan and grant. The reality is that very nearly three quarters of all undergraduates do so.

The survey, for the NatWest bank, was carried out in April, before the latest changes were proposed, earlier this month.

The pupils were nonetheless tolerant about the prospect of debt, with 49% agreeing that it was an integral part of today's lifestyle.

Even so, the sixth formers seriously underestimate how big their debts might be. On average they think only six per cent of their spending would be extra borrowed money, while the actual figure for undergraduates is more than 25%.

The National Union of Students estimates that students spend around £800 a year more than the offical grant and loan - nearly £1,500 more for those in London.

Research by another bank, Barclays, has put the figure even higher. It reckons that a student at Manchester University, for example, needs an extra £3,000 a year.

Among the other findings in the new survey, sixth formers estimate that they will spend about 12% on outgoings related to socialising or other optional activities when at university. In practice, undergraduates say these consume about 28% of their resources.

David Bloomfield, head of NatWest student banking, said: "The combination of wild predictions about income and expenditure, together with a sharp growth in debt tolerance, will not prepare sixth formers well for the very real financial tight-rope they will face at university."