A recent report has uncovered data revealing that nearly 1.8 million individuals in the UK now owe at least £50,000 in student loan.
According to figures from the Student Loans Company (SLC), over 61,000 people have debts exceeding £100,000, with an additional 50 individuals each owing over £200,000.
The release of these statistics follows a Freedom of Information (FOI) request seeking information on loan holders with above-average debts eligible to commence repayments.
Previously, the SLC reported that the average debt for borrowers in England starting repayments was just under £45,000, but recent government data shows this has risen to £48,470.
Debt levels can soar for students undertaking multiple or lengthy courses, compounded by accruing interest over time.
In the fiscal year 2023/24, approximately 2.8 million individuals in England made repayments on their student loans, highlighting that while only a small percentage face debts exceeding £100,000, a majority owe more than £50,000.
Earlier this year, the BBC revealed that the highest reported UK student debt stood at over £231,000. Recent updates now indicate that this figure has climbed to £252,000 within a span of three months.
Tom Allingham, from website Save The Student, said such debts were “alarming” but were “in no way indicative of the norm”.
The National Union of Students (NUS) branded it “ridiculous” that none of the main parties are offering “reform” of student finance in the election campaign.
BBC News has compiled a table illustrating the number of student loan holders facing significant debts: more than £50,000, £100,000, and £200,000.
Graduates burdened with substantial debt have also voiced their apprehensions about the existing system.
One such individual is Titi, a senior electrical engineer based in Croydon, who preferred not to disclose his full name. His student debt has escalated to over £128,200, increasing by £788.11 from 6 April to 6 June this year.