Eye-watering university student debt bill revealed – with some owing £200k EACH
UNIVERSITY student debt stands at £182billion — with some owing almost £200,000 each.
Of the 4.7million past and present students having to pay back loans, 20,000 owe more than £100,000 — up from 6,000 a year ago.
One person owes £195,020, the biggest debt held by a graduate.
With loan rates currently at 7.1 per cent, they would have to earn £181,000 a year just to service the interest on the debt.
In all, 198 students have loans over £150,000.
Students of nursing, mental health and children’s care account for most of the 20 biggest outstanding loans.
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Chloe Field, of the National Union of Students, says: “Thousands of students are unlikely to ever be able to repay it.”
“Education desperately needs to be publicly funded, demarketised and free, and instead of burdening students with lifelong debt, we should return to a grant-based system that provides financial support for higher education without placing an overwhelming burden on graduates.
“By adopting such a system, we can promote accessibility to education, alleviate the financial strain on graduates, and ensure individuals from all walks of life are not deterred from pursuing their academic aspirations.”
She has called for an overhaul of the system.
