Rising Student Loan Debt: Over 1.8 Million Owe More Than £50,000
Nearly 1.8 million people in the UK owe at least £50,000 in student loans, with over 61,000 individuals having debts exceeding £100,000. The highest recorded debt stands at £252,000. Rising interest rates and extended courses contribute to these soaring balances, sparking debates on needed reforms in student finance.
Almost 1.8 million people in the UK owe at least £50,000 in student loans, according to data obtained by BBC News from the Student Loan Company (SLC).
More than 61,000 individuals have debts exceeding £100,000, and around 50 people owe upwards of £200,000.
The highest debt recorded now stands at £252,000.
The data, released following a Freedom of Information request, highlights that the average loan balance for English graduates has increased to £48,470 from under £45,000.
Balances are higher for those undertaking multiple or extended courses, with inflating interest rates further increasing debt levels.
Despite 2.8 million people in England making loan repayments in 2023/24, a significant number owe more than £50,000.
This debt crisis arises amid debates on student finance reform, with graduates like Titi and Abbie Tutt expressing concerns about the impact of soaring debts on their future.
Various political parties have proposed different approaches to tackle the issue, ranging from freezing tuition fees to abolishing them altogether.