1. In 1998, as a result of the Teaching and Higher Education Act passed by Tony Blair\u2019s government, the common maintenance grants were replaced with repayable student loans.<\/strong><\/h4>\n(<\/span>Student Loans Company Limited Archived<\/span>)<\/span><\/p>\nThe same year saw the introduction of a tuition fee of <\/span>\u00a31,000<\/b>. So, the <\/span>Student Loans Company (SLC)<\/b> prepared to provide up to <\/span>\u00a3941 million<\/b>. By the following academic year, once the tuition fees took effect, the SLC provided up to <\/span>\u00a31.23 billion<\/b> in student loans.<\/span><\/p>\n2. The Student Loan Company was created in the 1990\/1991 academic year.<\/strong><\/h4>\n(<\/span>Student Loans Company Limited Archived<\/span>)<\/span><\/p>\nThe SLC was created to provide help with student living costs by giving out low-interest loans. Once the maintenance grants were replaced with repayable student loans, the first year SLC gave loans to <\/span>180,200 students<\/b>. This number represented about <\/span>28%<\/b> of the eligible students who had taken a loan of <\/span>\u00a3390<\/b>.<\/span><\/p>\nTotal Student Loan Debt UK<\/strong><\/h3>\nUnfortunately, many students seem to be stuck with <\/span>uni debt<\/span>. Even if students leave the course early, they still fall into the category of students under the <\/span>UK student loan repayment<\/b> obligation<\/span>. <\/span><\/p>\nSo, after their future earnings pass the threshold level, students will have to start paying their loans. <\/span><\/p>\nAs the <\/span>average UK student debt <\/span>keeps growing, the forecasts are that only <\/span>30% of graduates <\/b>will fully pay their <\/span>student loan amounts<\/span>. <\/span><\/p>\nLet\u2019s dive deep into the latest <\/span>average student loan debt UK<\/span> statistics below!<\/span><\/p>\n3. Around 1.3 million students take up a student loan every year.<\/strong><\/h4>\n(<\/span>House of Commons Library<\/span>)<\/span><\/p>\nThe value of <\/span>student loan outstanding <\/span>reached <\/span>\u00a3121 billion<\/b> by the end of <\/span>March 2019<\/b>. <\/span><\/p>\nYou think that\u2019s a lot? Think again:<\/span><\/p>\n[bctt tweet=”By the middle of the century, the value of the outstanding loans will skyrocket to a mind-boggling \u00a3450 billion in 2019 prices. ” via=”no”]<\/p>\n
4. The total number of borrowers who own higher education loans increased by 6% and reached 5.3 million in April 2019.<\/strong><\/h4>\n(<\/span>Statistics Publication<\/span>)<\/span><\/p>\nStudent debt in the UK <\/span>has increased for <\/span>0.3 million<\/b> people from <\/span>2018 to 2019<\/b>. In <\/span>2019<\/b>, about <\/span>20%<\/b> have already closed their loan accounts due to the full payment of their <\/span>student debt<\/span>. Out of them, about <\/span>67.8%<\/b> were in the UK tax system.<\/span><\/p>\n5. According to the Institute for Fiscal Studies, student debt will soon reach \u00a350,800.<\/strong><\/h4>\n(<\/span>BBC<\/span>)<\/span><\/p>\nStudent loan rates in the UK<\/span> have a great impact on the increase in debt. Students from poorer backgrounds would even go over<\/span> \u00a350,800<\/b>. The <\/span>interest rate of 6.1%<\/b> will result in students having accrued massive <\/span>interest charges of up to<\/b> \u00a35,800<\/b> before they\u2019ve even graduated. <\/span><\/p>\n6. According to UK student debt statistics, student loans rose by 30% between 2016 and 2018.<\/strong><\/h4>\n(<\/span>Finder<\/span>)<\/span><\/p>\nStudent loans have increased in recent years, as has student debt. The reasons for the rise are the standard of living and the rise in tuition fees by <\/span>2%<\/b>. <\/span><\/p>\nEven though the rise of the prices is slightly different, it has a great impact on student loans and the debt that has to be paid later on. <\/span><\/p>\n7. The maximum loan students at private universities can get is \u00a36,000 per year, UK student debt statistics reveal.<\/strong><\/h4>\n(<\/span>Practitioners SFE<\/span>)<\/span><\/p>\nEven though courses at private universities in the UK can cost more than <\/span>\u00a36,000 per year,<\/b> this is the maximum amount students can take. <\/span><\/p>\nNow:<\/span><\/p>\nStudents can get a private student loan tailored to their needs if they need a higher amount than the maximum given by the SLC.<\/span><\/p>\nHowever, they should keep in mind that taking up private student loans goes hand in hand with a <\/span>higher interest rate<\/b>.<\/span><\/p>\nAverage Student Loan Debt UK<\/strong><\/h3>\n<\/p>\n
8. According to average student loan UK statistics, 991,500 borrowers have fully repaid their loans.<\/strong><\/h4>\n(<\/span>Statistics Publication<\/span>)<\/span><\/p>\nSince 1998<\/b>, when student loans were introduced, <\/span>991,500<\/b> people<\/b> have repaid their student loans in full. The number equals <\/span>19.3%<\/b> of those who have become liable to repay the debt. <\/span><\/p>\nOne more thing we have to take into consideration:<\/span><\/p>\nOnce students start working, they have to earn more than <\/span>\u00a325,000<\/b>