Largest Debt Amassed By Student In England Is £189,700
Official figures revealed that the highest amount of debt accumulated by a student in England is £189,700, prompting concerns about the negative psychological effects of such severe levels of debt on graduates. The Student Loan Company clarified that this sum was unusual and potentially the result of borrowing for numerous courses, including postgraduate study or dropping out of multiple programs. Nonetheless, graduates shared their own experiences on Reddit, with many stating their debt ranged around £100,000, with others having pursued five-year medicine degrees, postgraduate courses, or studying at different institutions. These figures highlight the overwhelming debt burden faced by graduates who entered university following a tripling in annual tuition fees to £9,000 in 2012. Graduates from 2020 took out an average of £45,060 in loans and a report from the Higher Education Policy Institute suggests that this burden causes significant stress for graduates, causing feelings of anxiety and worry. Interviewees in the report pointed to the high interest rates, the never-ending repayment terms, and rising costs as the most significant concerns. There was also a lack of transparency regarding where the money was used, and graduates believed that the fees did not offer good value for the money. Furthermore, the thought of the loan being lifelong and not being able to repay it was troubling for them. One significant aspect of concern was the unawareness of the government arbitrarily changing the repayment terms, making it impossible to manage payments. Graduates spoke of avoiding looking at loan slips or basing life and career decisions on the expected repayments. The report recommends that policymakers account for graduates’ opinions to create evidence-based, sustainable, and fair higher education funding policies.
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