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Article: Plight of the students who go bankrupt; 'Easy way out' of mounting debts has hidden dangers.
- Article from:
- The Mail on Sunday (London, England)
- Article date:
- June 2, 2002
- Author:
CopyrightCOPYRIGHT 2002 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JENNY LITTLE
MOST of us see the typical bankrupt as a middle-aged man struggling to keep his business afloat and trailing months behind on his mortgage payments.
Not any more. Alarming numbers of college-leavers are opting for bankruptcy in a last-ditch attempt to escape debts.
Student loans and the erosion of maintenance grants have led to record levels of borrowing among those in higher education.
Their debt totalled [pound]4.85 billion last year, with most graduates leaving university owing between [pound]8,000 and [pound]15,000 each.
Gill Hankey of the Bankruptcy Advisory Service has seen a big increase in the ...