The prospect of large debts would deter nine out of ten GCSE pupils from going to university, according to research by academics at Brighton University.
Professor Andrew Church and Dr Judith Watson questioned 1,000 first-year GCSE students at comprehensive schools across England.
They visited nine schools, two in Sussex and the rest in the Midlands and the northern and Welsh coalfield communities to canvass pupils.
The majority came from working class backgrounds and said they wanted to go to university.
But a third said they would not take a degree if universities charged fees of £2,000 a year. Six out of ten said they would avoid higher education if fees reached £5,000.
The study, commissioned by the National Union of Students (NUS), was dismissed by higher education minister Margaret Hodge who said the union was frightening schoolchildren.
But Dr Watson said: "If the Government wants to attract people from families where there is no experience of university they have got to remember those people may have a fear of debt.
"Many will have seen family or friends who have got into a lot of trouble over debt for considerably smaller amounts."
The initial findings also showed many pupils underestimated the living costs of students and the cost of tuition fees.
Students currently graduate with average debts of more than £10,000, owing the Student Loans Company about £9,000 and the bank up to £2,000.
NUS President Mandy Telford said: "According to our research, fees and debt will deter the very students the Government wants to attract to university.
"It is extremely worrying that 85 per cent of schoolchildren would not go to university if the Government goes ahead with its plans.
"If it is genuinely committed to opening up education, it must remove the threat of top-up fees and debt."
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