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The findings which came as a shock from “In the Red” campaign which was run by the National Union of Students suggested that just one per-cent of Students from Swansea University have built up debt of nearly £3 million. Students were invited to write their debt on a note and stick it onto a pin up wall and there was almost £3 million worth of debt displayed in various forms of loans, credit cards, overdrafts etc.

Ben Gray president commented, “The National Union is very concerned about the level of debt and how unaware people are of how that can run up. There’s a thought that it (student loan) is free money. We want the Government to lift the threshold of repayment from £15,000 to £20,000 from 2010 and then index link it to rise with inflation.”

When asked whether the NUS expected a positive response to this demand, he commented, “If our aim is total cost reduction and making sure the poorest students are leaving with the least debt, then yes.”

The current climate is affecting a lot of people at the moment with many resorting to taking out loans and putting expenses onto credit cards. Students are one group who have always seen to be getting themselves into debt and using loans and credit cards excessively.