Push, which investigates the cost of university education around the country, has found that those who started university last year will owe approximately £17,500 when they leave. Those readying themselves for a start date in September or October are likely to graduate with debts above £20,000, according the new study.

Interviewing nearly 2,000 students at 130 universities, Push aims to paint an accurate picture of higher education and its financial repercussions. This year's survey has found that student debt typically tops £4,000 a year, which leaves many in an unmanageable financial predicament.

Currently, the national average for student debt is £13,000, but Push has found that students at nine universities are generally graduating owing £20,000.

The biggest problems are found in England, where students typically borrow £4,295 on an annual basis. In Scotland, students borrow just £2,344 a year, which means they generally graduate owing less than £10,000 - despite taking four-year degrees.

Johnny Rich, series editor of Push, said: "It's easy to become immune to stories about student debt, but this increase is not just another rise. Some students are facing real financial hardship. Even so, the advantages of having a degree still vastly outweigh the costs and the Push survey shows that."

Catherine McGrath, from Push partner Lloyds TSB, has pointed out that increased competition for graduate jobs has made the situation even harder for many.

"A smart approach is to plan ahead and seek guidance now on how to manage your finances to avoid getting into trouble later on," she said.

Gemma Tumelty, president of the National Union of Presidents (NUS), believes that the introduction of top-up fees has had a devastating impact.

"The current student funding system means that graduates are hit with debt just as they are at their most vulnerable. Graduates are facing evermore difficult choices over whether to invest, start a family, get on to the first rung of the mortgage latter, start a pension and, of course, which career path to take," she said.