2 June 2006
Many students are underestimating the costs of attending university to the tune of £110 million, according to a bank survey.
The Royal Bank of Scotland found that indebted students were underestimating the cost of accommodation by around £47 million before heading off to higher education. They were found to be undervaluing the cost of living by £63 million.
In its survey of nearly 2,000 school leavers, the bank found that students attending Aberdeen university had the least grasp on the amount of funds they would be needing. They estimated that they would spend £2,519.90 a term, but the actual figure is £3,180.50.
Those students would be needing credit, due to the termly deficit produced of £660.50.
Paul Jeffrey, head of student banking at The Royal Bank of Scotland, said: "Our financial realism report highlights the need for school leavers to prepare financially for university."
It found that 28% of those asked were worried about how they would fund their studies.
uSwitch.com's loans comparison service provides an impartial search of the loans market to find the best loan for you
© 2008 Adfero Ltd
Content for the uSwitch.com market news service is provided by a third party, Adfero Ltd. Whilst uSwitch.com makes reasonable efforts to check the reliability of this content, uSwitch.com does not guarantee the accuracy thereof or endorse the views or opinions given by Adfero Ltd, unless expressly stated otherwise.