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Students Financial Needs and Requirements

Finance is an increasing problem for many students, particularly for those with dependants. Especially for student parent it becomes more difficult as he has to meet the cost of bringing up the child and at the same time fund his studies, more than ever when he is a full-time student with no income.

The financial facts of life for such kind of students can look bleak - spiraling living expenses, graduate debt and changes to the funding system – but certainly not as bad as it seems. To say, student hardship certainly exists but false perceptions about finances can cause unnecessary concern.

Though the government has come out with solutions like Higher Education Funding System that is proposed to start in 2006, which allows the students to leave university with debts of over £20,000, and pay up to £3000 per year tuition fees, it has still fallen short to cheer the depressed students.

But here again debt and the cost of studying should not be seen as off-putting by the students. The cost of going to university should instead be viewed as an investment for the future. According to government figures, the average graduate will earn £400,000 more than someone without a degree over their working life. This certainly does make it look wise to invest in furthering your education.

The average starting salary for a graduate-level position is around £18,500 and amongst blue-chip companies surveyed by the Association of Graduate Recruiters (AGR) it is actually £20,300. This compares favourably with an average salary for someone who hasn’t been to university.

And if you pass with an honors degree from university means you are likely to earn on an average a massive 64 per cent more than a non-graduate. The government figures states that even if you go to the university but do not complete a degree course, you’re still likely to earn 50 per cent more than someone who hasn’t gone at all.

To say the least, the benefits of going to the university will not only increase your earning potential but will also help you to remain unemployed throughout your career and open more career opportunities with better pay packet, thereby increasing your earning power.

Of course not all of these benefits will apply to everyone who goes to the university, but the overall economic benefits of getting a degree is very appealing.

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