It is that time of year once again, where thousands of students eagerly await their A level exam results and start to make the final preparations for the next stage of their education, going to University.

One of the major hurdles facing students is that of obtaining sufficient funding to see them through what is usually a three year course. Although many students have to get themselves a part time job to help fund their studies, the vast majority will have to take out a student loan in order to help them pay their way.

But with the Government announcing earlier this year that the level of student loans and grants will remain at the same level for the next academic year, whilst the cost of University fees and accommodation has increased, it seems likely that many students will struggle even more than usual with their finances and many will be forced to take out additional unsecured loans or use credit cards and overdrafts.

It is expected that the average student will have student loans and other debts of at least £20,000 by the time they graduate and many expect that it will take them somewhere in the region of ten years to repay their loans once they start working, thereby reducing their ability to obtain a homeowner loan, or other credit.

It seems that a University education is once again becoming the privilege of those families who can afford it and more and more students are becoming reliant on additional financial support from their parents, or even grandparents. But with the effects of the credit crunch and recent recession having an impact on most people’s financial situation, many potential students are now being denied the opportunity of a University education, even if they are prepared to take on the daunting prospect of huge student loan debts to get them through it.