Wednesday 17-08-2016 - 09:57
Almost half of the first set of university graduates who paid £9,000 tuition fees have moved back in with their parents to save money, according to new NUS research published today.
Our new Double Jeopardy report, released today (August 17), has revealed 47 per cent of graduates from 2015 have moved back in with their parents or guardians.
Those living in their family home were more likely to be unemployed or working part-time, but 43 per cent of graduates with full-time work were also living back with their parents.
The research also revealed:
- 52 per cent of graduates from 2015 thought their degree was not worth the fees they paid
- 71 per cent were concerned about their level of student debt
- 60 per cent still had non-student consumer debt left over from their degree, the average amount being £2,600
- 46 per cent had accumulated further debt since finishing their studies
- 76 per cent were worried the government might change the terms of student loans to make them pay back more
- Three times as many full-time working men than women graduates were earning over £30,000
- Double the number of women than men were earning less than £15,000
These figures come just a week after Jo Johnson, the Minister for Universities, wrote an open letter to students claiming their investment would reap great rewards. Our research shows for many this is no longer true, and his reforms will only make the situation worse.
Sorana Vieru, NUS Vice President (Higher Education), said the research highlights that “many graduates are without work, badly paid or in precarious and casualised employment, especially women,” adding: “The majority are in debt, not just with student loan repayments, but they also owe money to banks, credit card companies and loan sharks.
Vieru also said: “The graduates face a double jeopardy: they enter the world of work having paid far more for their education, with the debts hanging over them. Yet they receive far less benefit from this education in the labour market compared to previous generations, while living costs keep rising and the welfare safety net is shrinking.
“Instead of waiting to fully assess the impact of the 2012 reforms, the government has already sped into a new stage of marketisation with the higher education and research bill, and is forcing students to foot the bill through even higher tuition fees.”
Double Jeopardy is the second part of NUS’ research into the attitudes and experiences of the first £9000 fee-paying graduates. Our first report, Debt in the First Degree, was published in August 2015.