More than 2.6 million people in the United Kingdom are struggling with student loan debts exceeding £ 50,000, according to new figures from the Student Loans Company (SLC).
The data obtained by comparing the market through a request for freedom of information (faith) revealed that on August 10 of this year, a total of 2,652,997 students of student loans had an exceptional balance greater than £ 50,000. The highest recorded individual student loan balance amounted to £ 299,645.
In his response to the demand for the highest student loan balance currently on his files, he said: “The student financing system is designed to provide funding for various levels of higher education, up to the highest, then in the third cycle, and in the doctorate.
“The system also includes guarantees for students because it allows them to access additional funding for years for residences, false departures and convincing personal reasons if necessary.
“The average balance of loans at the reimbursement of English borrowers is £ 53,010, therefore, these higher loan sales do not reflect the average level of a student loan balance for a student on the standard three or four -year higher education course.”
The SLC said that customers with higher sales at the average level of a student loan may receive several student loan products.
As of August 10 of this year, 2,478,047 customers had completely reimbursed their student loans.
Meanwhile, a total of 8,607,271 students of student loans had an outstanding balance, according to SLC figures.
Compare the market has said that it has set up a guide for students on how to navigate their student loans, which could also help graduates start in the world of work.
He said that for new students who frequent the university, loans at tuition fees can cover the price costs and the loan is paid directly to university or college.
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A maintenance loan will cover accommodation and life costs, and is paid directly to a student’s bank account at the start of each mandate.
The maximum amount that students in the United Kingdom can borrow for a maintenance loan depends on where they live.
There are also various student loans reimbursement plans for British borrowers and on which a student will depend when they started their course, and where, said the market.
He added that when graduates are eligible for reimbursements, they will be deducted from their salary, or if a graduate is a self-employed worker, their student loan will be included when filling their declaration of self-assessment income.
Sajni Shah, a money expert to compare The Market, said: “It is important that students remain well informed about the different types of student loans available to them and on the operation of reimbursements.
“The continuous increase in subsistence costs means that essential expenses such as student accommodation, public service bills and manuals are increasingly expensive for students.
“As a student, you will have access to a multitude of discounts that will facilitate daily expenses.
“Always ask in store if they offer a student discount – many places do not announce it. Try to stick to the brand’s products, to cook in bulk and to freeze. Review your subscriptions and cancel unused portions.
“Many subscriptions also have prices for the students to which you can pass.
“If you have a telephone plan, pay public service invoices or have a car that must be insured, make sure you go around before registering for a new agreement.
“This could help you achieve significant savings, especially if you register for multi -year contracts.”
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