Student debt rising to more than £50,000, says IFS

The BBC reports that students in England are going to graduate with average debts of £50,800, after interest rates are raised on student loans to 6.1%, according to the Institute for Fiscal Studies.

Interest charges are levied as soon as courses begin and the IFS says students on average will have accrued £5,800 in interest charges by the time they have graduated from university.

Universities Minister Jo Johnson says that more disadvantaged students than ever are going to university.

The study from the IFS compares England’s current student finance system introduced in 2012, where fees were raised to £9,000, with the previous system introduced in 2006, when fees were about £3,000.

Mr Belfield says the 6.1% being charged on loans is “very high compared with current market rates”.

Read More Student debt rising to more than £50,000, says IFS

Do you think huge interest rates on student loans are fair? Will students start to lean towards apprenticeships?  Let us know your comments below or via Twitter – Mercedes 

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