Student loan value tops £3 billion

The total value of loans
taken out by students has breached the £3 billion barrier for the first-time, it has been reported.

According to the Student Loans Company, the average student now leaves university with debts of around £30,000.

This is three times the level of debt that could be expected upon leaving in 1997 and will take the average student until their mid-30s to pay off, the body claims.

The National Union of Students believes that the figure is proving off-putting to prospective students from poorer backgrounds.

In related news, debt advisory service Credit Action recently declared that student loans were helping to engender a culture of debt and casual borrowing in Britain.

A spokesman noted that, while many students “do not struggle” to pay off their loan
, there are many who need to resort to IVAs in order to regain control of their finances.

© Adfero Ltd

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