Student Loan Company Reveals Highest Loan Debt Accumulated By A Single Student

Student loans are commonplace for those who wish to attend university. Now the Student Loans Company (SLC) has revealed the biggest loan debt a student owes – and it’s A LOT.

This particular individual has accumulated a massive debt of £ 189,700 which the Student Loans Company has described as an “exceptional case”. The Guardian signaled (phew).

Some of the reasons SLC gave for such skyrocketing debt was that this figure could be due to borrowing for many courses – if the student decided to study for a postgraduate degree or dropped out of different courses, for example. .

The figure was released via an access to information (FOI) request to the public authority and posted on Reddit r / UKPersonalFinance page subreddit by Craig Rossiter (TheDoctor66).

Rossiter shared the reason for his curiosity about this particular statistic as he wondered if he had the highest debt due to dropping out of college five times. “Tower [sic] my debt represents about a third of those people, ”he added.

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In response, a number of people also shared their remaining outstanding student loan debt.

“My loan of £ 49,510 has grown to £ 60,081 in the three years since I graduated,” wrote one person. “And last month I paid £ 70. Basically it’s like taxing me 25 percent instead of 20 percent. Currently on track to have £ 152,000 in student loan debt by 2050. ”

Another said: ‘Mine is £ 109,757 of which £ 2,755 is interest. I only graduated this year from a 5 year course in London. I never expect to be able to pay it back in full.

“When I finish my degree, I’ll be at 90,000. Ouch. Better not to think about it, ”someone else replied.

At the time of this figure’s release, new research from the Higher Education Policy Institute has warned of the serious “psychological toll” student debt can have on graduates who suffer “from anxiety, pressure, worry. and terror ”.

In 2012 university fees were controversially tripled from £ 3,000 to £ 9,000 a year, so student debt has grown over the years.

Graduates in 2020 took on an average of £ 45,060 in loans, according to the report – so while it’s not as high as this student’s debt, it’s still a significant amount.

Of the 98 people interviewed for the report who attended university between 2006 and 2013, many said they felt “tuition fees and interest rates are too high, the amount of debt is a burden and the loan repayment period never- ends, ”the authors wrote.

One of the report’s authors, Claire Callender, who is also a higher education professor at UCL said The Guardian: “It is essential that we listen to graduates to develop future evidence-based, sustainable and equitable higher education funding policies.

“Why should student loans, even the poorest after 2012, generate such high interest rates while they are in school and before they get any profit from their higher education? Why burden students psychologically and materially with enormous debts when most will never repay them in full?

“And is the student loan system and the revenue it generates for the treasury really worth the potential long-term consequences on the well-being, life choices and opportunities of graduates – affecting the lives of generations to come?” ? “

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