Student loans on the rise
1 July 2009
New figures from the Student Loans Company (SLC) have shown a rise in the amount of money lent out to students in the 2008-2009 financial year.
The company lent £4.2 billion to students over this period, a rise of around £300 million on the last year.
Students and graduates now owe a total of almost £26 billion, and will pay a fixed percentage of any annual earnings over £15,000 towards this debt, with payments taken automatically from their monthly pay.
A loans expert for Think Money commented: "Because of the way student loans work, students and graduates won`t have to worry about repayments in the short term unless they are earning above £15,000. However, if they have used other forms of credit - such as credit cards - the repayments may be more likely to cause them problems in the near future."
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Tags: student, loans, student loans, student loan, interest rates, debt, credit cards
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