Fool News: Student 'Gappers' Choose Work Over World Travels

Banking and Borrowing

15 October 2007 | 0 Comments

Half of school leavers considering a gap year would rather earn cash than travel the world.

Half of school leavers considering a gap year would rather earn cash than travel the world, according to new statistics.Figures published by UCAS and NatWest suggest that more than half (54%) of school leavers taking a gap year will pass up traditional ideas of a year-long getaway in favour of working to ease the financial burden of further education.Even more surprisingly, one in three graduates admit that had they known the levels of debt they would face on leaving university, they would have reconsidered their decision to continue their studies altogether.Of the 3,488 school leavers, current students and graduates polled by NatWest, over half of school leavers (55%) felt that they were not financially prepared for university, with 17% stating they thought it would take more than ten years to pay their debts back.NatWest estimates that students can expect to fork out almost £35,000 for a three year degree, including living expenses and tuition fees, with those graduating in debt saddling a mighty average of £15,000 after graduation.The findings also reveal that the 50,000 leavers who have considered opting for work instead of travel will earn an estimated £212 million during the twelve months before they embark on university life (based on the assumption of a 35 hour week, on £4.60 minimum wage for six months), providing a much needed injection of cash for those starting university.

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