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Students stay at home to stay out of debt

Increasing numbers of young people are electing to stay at home whilst they study to save money and keep out of debt, according to a recent study.Almost a third (31 per cent) of those questioned in the Lloyds TSB survey said they would be living with their parents, because otherwise they could not afford the expense of going to university. The spiraling costs of a university education mean that over a quarter of those questioned admitted they were worried about managing their money and 71 per cent said they would be working part-time to pay their way through university.The majority of those questioned also said they would be getting into debt to fund their education - ten per cent were planning to rely on loans and overdrafts and 58 per cent had applied for the government's student finance package.Caroline Brady, Lloyds TSB head of student banking, said: "Students face higher levels of debt than ever before and whilst it’s essential that they find ways to keep costs to a minimum it is also important that students think carefully about all the options."

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