New research shows even a university student who becomes as well-paid as a high-earning consultant surgeon will be unable to repay the debt accumulated by the interest payments on their student loan.
It is estimated that our surgeons of tomorrow will start their careers out with at least £63,400 of debt, because of the massive interest rates being charged on their student loans:
The rise in student debt is caused mainly by the Cameron government’s 2012 decision to triple tuition fees, allowing universities in England to charge up to £9,000 a year.
Student loan debt is set to soar to a staggering £200bn in the next few years. To put that into context, UK credit card debt is currently around £68bn.
Of course, if you’re a student from a family wealthy enough to pay your tuition fees without having to take a loan, this problem won’t affect you.
So as ever, it’s the poorest families who end up suffering the most under decisions taken by Tory governments.
The full calculations can be found here.
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