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Over half of Scottish students take on commercial debt

18/08/2009

A survey has suggested that more than half of the students in Scotland have taken on commercial debt.

The National Union of Students in Scotland found that 52% of students had borrowed from commercial lenders, 67% were in debt to family and friends, 61% had taken out student loans, and 31% owed money to all three.

In Scotland, Scottish students are not required to pay tuition fees, but many take out student loans in order to fund their costs of living such as accommodation and food.

A spokesperson for Debt Advisers Direct said: "Although Scottish students do not have to pay tuition fees and therefore tend to graduate with less debt than other students in the UK, taking on debt from commercial lenders is potentially risky, and likely to be more of an immediate issue than student loans.

"We advise students to carefully consider how they will be able to repay any money they borrow, and to seek professional debt advice at the first sign of difficulty."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according