More and more students are turning to bank loans to finance their education in the UK, the most expensive country in Europe to study at university according to a new report.

The report shows Britain in the top three most expensive countries in which to study, following only Japan and New Zealand – shockingly, it is even more expensive than the US, where tuition fees are considerably higher than here.

Written by the US Educational Policy Institute, the report reveals the degree to which students are relying on bank loans and credit cards to get by.

“Evidence shows that students are having to turn to commercial borrowing, such as credit cards and bank loans,” National Union of Students (NUS) vice president of education, Hannah Essex, told Life Style Extra.

“While more students will receive financial support next year when variable tuition fees are introduced the majority will not have enough money to cover their basic living costs which are rising well above the rate of inflation.”

The news follows Barclays’ revelation last week that the average UK student is graduating with debts worth £13,501.

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