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Student loans: Kent leaders hit out as average student debts hit £50,000

Students emerging from universities are doing so facing crippling debts that have risen even further because of higher interest rates.

A study has suggested students in England graduate with average debts of £50,800, after interest rates were raised on student loans to 6.1%, according to the Institute for Fiscal Studies.

Poorer students graduate with even higher debts of over £57,000 says the think tank.

More and more graduates are returning to live with mum and dad
More and more graduates are returning to live with mum and dad

Student leaders in Kent criticised the arrangements for paying off debts caused by tuition fees.

Alice Tomlinson, general secretary of Kent Labour Students, said less well off students were being priced out of taking certain subjects because they were considering what would enhance their job prospects.

“People are definitely put off from taking a degree that doesn’t lead directly to a job. I don’t think that university is about only those people who can afford it doing subjects they enjoy.”

“£50,000 is a ridiculous amount of money that many will not pay back. So many people have to do jobs to help pay for their studies, which is itself a full time job.It is the poorer students who will be affected most as they will have to work longer in jobs.”

She said it was wrong that the salary point at which students had to start repayments had not changed to reflect the higher cost of living.

“That is also affecting poorer students, who have to think very carefully about their future. It is wrong that subjects like drama are more and more being overtaken by richer students. That doesn’t help society as a whole.”

The student loan debt levels are a 'huge issue'. Stock image
The student loan debt levels are a 'huge issue'. Stock image

Students from less well-off backgrounds can borrow more in maintenance support. However, these are not grants and adds to the level of debt among graduates.

The University of Kent was among many who raised from £9,000 to £9,250 under changes agreed by the government.

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