After graduation, a student would have an average debt of £50,000. Students who are significantly poorer are likely going to owe an average of £56,000. With student debt seemingly on the rise, most students find it quite hard to maintain their university lifestyle. This is why it is not quite surprising to see that more and more skills and employment specialists these days seem to be seeing an increase in the number of students that prefer to go for an apprenticeship in order to finally achieve their dream job.
Compared to a university student, apprentices can earn from £22,644 to even over £50,000 for an equivalent period of three years. This is at the same time that they are studying to secure a degree level and at the same time, trying to get a foot into the career ladder right from day one. Often, those studying accountancy tend to get paid the highest figures for an apprenticeship at over £19,000 every year.
If one were to take into account the cost of living which is around £18,864 for the three-year average apprenticeship period, there is likely a potential savings or disposable income of £4,000. Add to that the fact that it offers three years worth of experience and qualification; this is the certainly something that many university students would be envious at, according to educational professional Peter Gale. After all, they need both in order for them to secure a job when they finally leave university.
Most of the time, students will have very little that they can use to live off of in order to live in their preferred university. This means that they will have to find ways to work for additional hours. Otherwise, they will be at such a very high risk of incurring even more dents on top of their already huge student loan.
Despite the fact that university is aimed at being an opportunity for students to learn, most that do and work tend to end up working even more than just the ideally recommended 15 hours every week. Not only are they going to be short in both money and time, they will likely have to struggle with keeping up with being able to find valuable time to spend studying. Graduates also tend to struggle to get on the property ladder even many years after they have graduated. After all, loans can have an impact on calculating a person’s mortgage affordability. Read more about the latest updates on education by reading about Peter Gale online here.