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Report
1.8m people have more than £50,000 in student debt
National World - LocalTV
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12/07/2024
Three million people made a repayment against their student loans in 2023/24
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News
Transcript
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00:00
Are you one of the millions of Britons saddled with tens or even hundreds of thousands of
00:06
pounds worth of debt from your student days? New data from the Student Loans Company showed
00:10
just under 1.8 million people in the UK have student debt exceeding £50,000, while around
00:16
61,000 have loan balances above £100,000. In England and Wales, ex-students start repayments
00:23
on their loans when they reach an annual earnings threshold, and debts are written off at the
00:28
end of loan terms, regardless of how much is paid off, often 30 or 40 years after the
00:32
course began. Previously, it was thought the average loan balance when starting repayments
00:37
was £45,000, but recent stats suggest this has increased to closer to £48,500. In 2023-24,
00:44
around 3 million people made a repayment against their student loans. The shocking figures
00:49
have caused critics of the system to speak out against not only huge interest rates for
00:53
their loans, but also the sky-high cost of higher education in the UK, especially compared
00:58
with some of our European neighbours and even Scotland, where university study is free.
01:02
Do you think student debt is worth the cost?
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