11 years of debt

Trying to start a career for yourself after leaving university, and juggling this with paying back a wacking loan, can be a nightmare start for young university leavers, and figures from uSwitch.com show that graduates now face debts averaging £21,198, taking on average 11 years to pay back.

As a result of the mounting debt problem, a worryingly high 21 perent of graduates are seriously considering going bankrupt as a solution to their debt worries.

Michael Ossei, personal finance expert at uSwitch.com, comments: 'Higher fees and lack of job prospects may be out of your control, but if university is right for you it's more important than ever that you are as financially prepared as possible. Getting a student loan may be the only way to fund university, but it's vital that you get clued up on the system. And when you graduate make sure you understand where you stand financially and how to avoid falling further into debt.'

He adds: 'The fact that graduates have to put their life on hold because they are knee deep in student debt is a sorry state of affairs. And as fees go up, students risk running up even bigger debts. But without a degree getting a job in today's stagnant market may be even harder. Going to university used to be the norm, but it is now becoming a catch 22.'

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