Around 30 percent of graduates are not earning enough to pay back their student loans, official figures show.
One in three former students who have taken out student loans since the introduction of tuition fees are still not making repayments, it has emerged. According to official figures, almost 400,000 university graduates are earning less than the £15,000 per annum threshold and are therefore making no inroads into their student finance debt.
The figures were revealed following a written request from the Liberal Democrats. The party's universities spokesman Stephen Williams described the data as "shocking". He said that having paid large sums of money to go to university, graduates should expect to be earning more substantial salaries.
"Aside from their student loans, many of these young people will have also stacked up large amounts of commercial debt which they will be struggling to repay on their relatively low wages," he remarked, pointing out the financial burden facing graduates is likely to increase during the current financial crisis.
Student tuition fees have increased substantially since top-up fees were introduced in 2006. According to the BBC, students can now expect to pay up to £3,145 a year, on top of rent, bills and other living costs.
A survey by Push.co.uk revealed that students attending university today can rack up debts of over £4,500 for each year of study, bringing the average cost of a three-year degree to £17,500.
