Almost 1.8m people owe £50,000 or more in student debt

Education / Tue 2nd Jul 2024 at 06:46am

ALMOST 1.8 million people are now in at least £50,000 of UK student debt, data obtained by BBC News reveals reports the BBC.

More than 61,000 have balances of above £100,000, figures from the Student Loans Company (SLC) also show, while another 50 people each owe upwards of £200,000.

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11 Comments for Almost 1.8m people owe £50,000 or more in student debt:

2024-07-02 09:19:45

It has become a con, most jobs do not need a degree outside stem subject. They are just paying their own unemployment for 3 years. Mind the university sector has become a massive bubble that will go pop at some point just like housing. Ultimately we need less people who do power point and more people who actually do

2024-07-02 09:30:44

Less ridiculous courses like hair and beauty too Adam

David Forman
2024-07-02 10:26:00

It is worth remembering that Thatcher's government dismantled the Industrial Training Boards in the early 1980's. In a debate in parliament on 16 November 1981 Labour MP Eric Varley said in response to Tory minister Norman Tebbit: "Is the Secretary of State aware that there is not a shred of industrial or economic justification for the main decision that he has made, to destroy the majority of industrial training boards? Does he realise that, at a time of unparallelled technological change, it will not only damage training in Britain but undermine our competitive position even further?" It is now evident that Eric Varley was right. Labour MP Bob Cryer made the point: "Does he (Tebbit) agree that this will be regarded widely as an act of industrial vandalism, and that the reason which led to the establishment of the boards—the inadequacy of voluntary arrangements—has not changed? What this country needs is more and better training, and our experience as a nation is that voluntary training does not provide it." A lesson from history! See Hansards at https://api.parliament.uk/historic-hansard/commons/1981/nov/16/industrial-training-boards

2024-07-02 11:16:54

David you are correct we have destroyed the industrial training and industrial base in the UK. Mostly I suspect as the money in the country has always been made by being the middle man not actually the doer. Hence why the new money from the industrial revolution was never quite accepted. It is the same to this day finance and the city are more important than anything else the UK is a poor country with London attached. It does not have to be this way.

Guy Flegman
2024-07-02 11:48:04

https://www.ons.gov.uk/economy/economicoutputandproductivity/output/timeseries/k22a/diop# This is the link from ONS of manufacturing output since 1948. Clearly there has been no decline but a steady rise over time. I have worked in manufacturing for over 40 years and while we have moved from making big ticket items to components I have never seen a decline( apart from the pandemic reaction which has shafted everyone). Fun fact, the 1990 ish Mercedes C cllass was made in Germany, 80% of its components were made in uk. We do have less people involved in manufacturing and this is down to the automation of a lot of tasks.

2024-07-02 22:05:23

That's just the tip of the iceberg. If you search for, house of commons library Friday 01 December 2023 and the title of Student Loan Statistics, you will find the following "Currently £20 billion a year is loaned to around 1.5 million students in England each year. The value of outstanding loans at the end of March 2023 reached £206 billion. The Government forecasts the value of outstanding loans to be around £460 billion (2021‑22 prices) by the mid-2040s." The question is, why are so few students repaying thier loans and why are successive governments allowing it.

2024-07-03 00:20:09

Seamus, this problem has been made worse by the increase of interest. Loans are being paid back, but in a lot of cases now the monthly repayment isn't even covering the interest each month. Those mega buck jobs are few and far between that are needes to repay more each month. Very frustrating to both gov and student.

James Gamble
2024-07-03 09:53:01

Key subjects should be free, such as maths, English and science. The most important thing is education, without which there would be no doctors, nurses, teachers, scientists or successful businessmen. We should strive to become the best educated country in the world.

James Gamble
2024-07-03 09:56:15

What use is a university education if it leaves you in so much debt? How can they buy a house if they are saddled with these debts, let alone start a business of their own.

Nicholas Taylor
2024-07-03 10:00:12

The days of the centuries old system of university education must surely be in sight as new technology means there is no longer any need for students to actually attend classes in person, paying out huge sums to rent a room near the university and huge salaries and pensions being paid to staff. Hundreds of billions of pounds could be spent more wisely, benefitting far more people. The country needs far more hands on type skilled workers. Guy makes a good point, the fact is, despite all the doom and gloom the UK is now the 6th largest exporter of goods, having risen fron 7th in the last few years.

James Gamble
2024-07-03 11:26:11

True Nicholas, intellects have dreams, but it takes a skilled person to turn them dreams into reality. You still need those dreams and some form of education is required to get people dreaming. As for universities we are social animals and we all work better together.

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