Student Loans Company Asked To Reveal The Most Massive Student Loan Owed By One Student
The biggest dark cloud of student loan debt that is currently floating above a former student’s head has been revealed…
In the United Kingdom, people are slowly and gradually paying off their huge debts from the time they studied at university, and for some, if 30 years pass, the loans may never be paid off at all.
People are now being warned about the ‘psychological toll’ debt can have on university graduates as they enter the job markets, especially those students who have massive loans to pay back.
A person who goes by the name @TheDoctor66 on Reddit made a Freedom of Information request to the Student Loans Company to find out the largest debt amassed by a single student, and the sum was revealed to be a whopping £189,700 ($252 896).
The Student Loans Company said that the giant debt is an exception as the student had taken several courses, and they may have dropped out of some courses in order to take different ones, as per The Guardian.
People on Reddit posted their own debts in the comments section, and some of them have shared that they owe the company more than £100,000 ($133,371).
Regarding the reason why the original poster asked the company for the data, they wrote:
‘I’ve dropped out of uni five times so wondered if it was me. Turn out my debt is about a third of this persons.’
Former students have said they feel as if the debt is draining the life out of them and causing them ‘anxiety, pressure, worry and dread’, a new report from the Higher Education Policy Institute revealed.
They interviewed nearly 100 people who went to university between 2006 and 2013.
Many of them were of the mind that ‘tuition fees and interest rates are too high, the amount of debt owed is a burden and the loan repayment period never-ending’, especially after fees were tripled in 2012, and those graduating in 2021 now owe an average of £45,060 ($60,092).
Claire Callender, professor of higher education at UCL and an author on the report, said:
‘It is essential we listen to graduates to develop evidence-based, sustainable and fair higher education funding policies in the future. Why should the loans of even the poorest post-2012 students accrue such high interest rates while they are studying and before they reap any benefits from their higher education?’
‘Why burden students psychologically and materially with enormous debts when most will never fully repay them? And is the student loan system and the income it generates for the Treasury really worth the potential long-term consequences for graduates’ welfare, life choices and opportunities – affecting the lives of generations to come?’
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