Highest student loan balance nears £300,000 as millions owe over £50,000
The staggering amount graduates owe in student loan debt
- More than 2.6 million people in the UK have student loan debts exceeding £50,000, according to new figures from the Student Loans Company (SLC).
- Data obtained by Compare the Market through a Freedom of Information request revealed 2,652,997 customers had outstanding balances over £50,000 as of 10 August, with the highest individual loan reaching £299,645.
- The SLC explained that higher loan balances are due to the system funding various levels of study, including postgraduate and doctoral degrees, and allowing for extra years of funding.
- As of 10 August, 8,607,271 student loan customers had an outstanding balance, while 2,478,047 customers had fully repaid their loans.
- Compare the Market provides guidance for students on navigating loans, including understanding tuition and maintenance loans, repayment plans, and budgeting tips to manage rising living costs.