when compared to other countries in the European region means that in the future the United Kingdom may not have an adequately educated population – thus such increases in costs will be detrimental to the future of the United Kingdom.
Having said the above the objective of this particular research study is to understand the break up of costs that are incurred by students who pursue higher education and to understand if there is a difference in the amount of debt and expenses that are carried by individuals based on their gender or age. In this research study we also aim to understand the optimism or concern shown by individuals with regard to their levels of debt.
Due to the increases in the cost of higher education many poorer individuals have been found to opt out of higher education (Galindo-Rueda, Fernando, Oscar Marcenaro-Gutierrez, and Anna Vignoles, 2004). The study that was carried out to study the connection between socio economic standing and higher education found that when compared to the number of students opting for higher education in the 1994 from low socio economic backgrounds – those opting for higher education in 2001 have been significantly less and this was found to be a direct result of the increase in the cost of higher education and the cost of all related expenses such as traveling, living expenses and accommodation that resulted in an individual pursuing higher education.
Further it was found in another study that due to the increase in the costs of higher education the number of students looking for work to supplement their income or help their families with the cost of their education were on the increase. By working extra hours than usual during term time, the students believed they could reduce the debt burden or help out their families who were bearing the cost of their higher education (Metcalf, 2005).