Student loans are a big part of studying at university, and the costs of a university education are rising every year. Not only to many students have to cover the cost of their tuition, but also have to factor in rent and bills, educational trips and bus passes or other transport fees. Here, we will look at some facts and figures about student debt in the UK.
In 2017, student loan debt reached over £100 billion for the first time, which shows how much the cost of being a student in the UK has risen over recent years. As student loans don’t have to be repaid until you are earning over a certain amount, this can also be taken to show that many students aren’t going on to enter well-paid employment.
If a student loan is not fully paid off within 30 years, it is written off. This is worrying, as it suggests graduates are unable to find or keep a highly paying job in their chosen field. The average amount of debt per graduate in England is just over £32,000 – meaning students have to pay back at least around £1,000 a year if they take the maximum period of 30 years to repay. However, the amount of debt being written off after 30 years could become a huge problem for the government. To compare, in the US the average amount of debt per student after graduation is £27,000.
If you are struggling with debt as a student, contact debt help Scotland for some advice and help about getting back on track of your finances. There is lots of support out there for students who are in financial difficulty, and you might be able to access grants or scholarships which don’t have to be repaid.