The burden is set to mushroom amid growing criticism of the government for failing to act on sky-high interest rates – currently 6.3 per cent – charged on the money borrowed for studies. The Independent reports.
Labour, which uncovered the figures, seized on them as fresh evidence of the need to scrap tuition fees altogether, arguing they were “pricing young people out of education”.
The statistics, published by the Department for Education, forecast that the amount made available in loans will grow from £16.5bn this year to £20.7bn in 2023-24.
Meanwhile, the amount owed in interest on those loans will balloon from £4.4bn to £8.6bn over the same period.
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