What Is The Average Student Loan Debt?
The costs associated with going into higher education are constantly increasing. Whether that’s tuition fees, rental fees or simply the cost of living, going to university is beginning to become prohibitively expensive for many young people.
For most, the only way it is possible to study at univesity is to take on student loans and the average debt that a graduate will have once they leave is now a staggering £35,000. This is close to double what an average American graduate owes.
The interest rate for a student loan is about 1.75% and a graduate will begin repayments once their salary reaches approximately £25,000.