This year's intake of university students in England and Wales may be basking in great A level results but they could be in for years of crippling debts according to a new survey. NatWest's Student Money Matters '98 Survey claims that many sixth formers are seriously underrating the cost of university life. The sixth formers' predictions for how much they will have to fork out on rent is 87 less per month than the average amount actually spent by students this year. Financial turmoil David Bloomfield thinks students should plan ahead David Bloomfield, Head of Student Banking at NatWest, thinks students with such financial misconceptions are heading for financial turmoil. The differences in the views and attitudes of sixth formers, current students and recent graduates highlights the importance for sixth formers to get to grips with their finances now, rather than being shocked when they start at university this autumn.
Students underestimate the cost of living Today's students are faced with a financial minefield.
Not only do they have higher than expected living costs but this year's introduction of tuition fees are also set to test the most prudent of scholars. Students starting at English and Welsh universities can expect to pay up to 1,000 - depending on their household income. To make matters worse a new survey, the PUSH Guide to Which University 1999, suggests that during the last academic year students graduated with debts averaging 5,190. Barclays are handing out free mobile phones with their accounts, NatWest a pager, Midland offer free student railcards while others are giving away cash gifts of up to 50. The banks vary in generosity, so it is worth shopping around.