Almost half of the first set of graduates who paid £9,000 fees have moved back in with their parents to save money, new research by the National Union of Students (NUS) shows.
The Double Jeopardy report 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 shows 52 per cent of graduates from 2015 thought their degree was not worth the fees they paid, while 71 per cent were concerned about their level of student debt.
These figures come just a week after the Minister for Universities Jo Johnson 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.
A further 60 per cent still had non-student consumer debt left over from their degree, the average amount being £2,600, while 76 per cent were worried the government might change the terms of student loans to make them pay back more.
The survey also showed gender inequality with three times as many full-time working men than women graduates were earning over £30,000
Double Jeopardy is the second part of NUS’ research into the attitudes and experiences of the first £9,000 fee-paying graduates. The first report called Debt in the First Degree, was published in August 2015.
Sorana Vieru, NUS vice president for higher education, said: “This research shows many graduates are without work, badly paid or in precarious and casualised employment, especially women. The majority are in debt, not just with student loan repayments, but they also owe money to banks, credit card companies and loan sharks.
“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.”