How to start the new academic year? How to tackle academic debt

With new academic terms, more students will be expected to take on a higher debt load, but the amount of debt students carry has been growing in recent years.

How do you manage your debts?

Read moreA survey conducted by the Australian Institute of Advanced Studies (AIAS) found a quarter of undergraduates aged between 16 and 20 had taken on more than $100,000 in debt since 2007, and the figure was double the amount taken by those aged over 65.

The survey found one in five students were now borrowing more than their parents, and one in 10 had borrowed more than the maximum allowable.

Some students, such as former Sydney University student Sam Kallon, said they were finding it difficult to balance their student loans.

“We are in debt from a number of different places,” he said.

“I don’t really know where to start to find the right balance to try and make sure I’m not going to have to start repaying student loans on top of the university loan I already have.”

Students in the same age group were more likely to be in debt, with students aged between 15 and 24 the most likely to have debt.

“It’s not as though there’s an easy way to get out of that,” Mr Kallor said.

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