For many, it would not be possible to study for a degree without external funding - but fortunately, there are a number of options to help prospective graduates pay their way.

Michal John of Cheap Student Loans said degree students face a number of expenses, from college fees to accommodation costs and books.

One option for covering some of these overheads is a government loan. These offer lower interest rates and flexible repayment plans, and are paid to either the student or their parents or guardian.

According to the US Department of Labor, the government also offers grants, scholarships and the Federal Work-Study Program, which enables those students to earn money by working part-time for their institution.

Another option is applying for a private loan. Mr John said interest rates for these loans vary, but they can generally be lowered if money is secured against collateral belonging either to the student or a guarantor.

Collateral is not, however, compulsory - although without it interest rates tend to be higher, he added.

He also recommended that any student looking to fund their education compare different public and private lenders to find the best option.