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Students are borrowing more than ever to help pay their way through university, new data has revealed.
According to latest government statistics, published by the Department for Innovation, Universities and Skills, the total amount of borrowing to students on university courses increased to almost £4 billion during 2007 – representing a rise of 32.2 per cent.
Stephen Williams, higher education spokesman for the Liberal Democrats, said: "In addition to their loans, students are also racking up thousands of pounds of commercial debt through credit cards and bank overdrafts ."
"Ministers need to look again at the whole issue of student finance, particularly for part-time students," he added.
While the majority of loans are used to cover the cost of living expenses, borrowing to cover the cost of tuition fees also increased by a massive 176.7 per cent over the course of last year.
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