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16/06/2006
Graduates loans arrears rise
The latest figures from the Student Loans Company (SLC) have revealed that many students are struggling to keep up their loan repayments.
SLC reported that loan arrears were outstanding on £186m made in student loans in the year 2005 to 2006.
This takes the total to almost £19bn owed on loans made to students and graduates.
MPs have called on the government to address the problem of student loans urgently.
Most of the outstanding loan arrears are on the older-style 'mortgage' loans which rely on the students paying by direct debit arrangements.
The system was changed in 1998, replaced by a new repayment system based on income, with direct deductions from pay by employers.
The figures also revealed a rise in debt cancellations which have risen by almost a third on the previous year.
Sarah Teather, Liberal Democrat spokesperson on Education, said that an entire generation of young people faced "unprecedented" levels of debt burden that would affect their lives and had serious long-term implications for financial security.
(SP/CD)
SLC reported that loan arrears were outstanding on £186m made in student loans in the year 2005 to 2006.
This takes the total to almost £19bn owed on loans made to students and graduates.
MPs have called on the government to address the problem of student loans urgently.
Most of the outstanding loan arrears are on the older-style 'mortgage' loans which rely on the students paying by direct debit arrangements.
The system was changed in 1998, replaced by a new repayment system based on income, with direct deductions from pay by employers.
The figures also revealed a rise in debt cancellations which have risen by almost a third on the previous year.
Sarah Teather, Liberal Democrat spokesperson on Education, said that an entire generation of young people faced "unprecedented" levels of debt burden that would affect their lives and had serious long-term implications for financial security.
(SP/CD)
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Payday Loans Fuel UK Debt Problems Says Charity
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National News In Brief
White Christmas? About 200 drivers on the M20 and M2 in Kent were stuck in tailbacks overnight and flights have also been cancelled. Other commuters are also experiencing travel disruption as heavy snow falls across much of the UK, with south-east and east England worst affected.
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