'I got a £44,000 student loan - now I owe £54,000’

Published On Sep 15, 2024, 7:16 PM

The article discusses the challenges faced by UK graduates like Adam, Chloe, Tom, and Niamh, who are burdened with substantial student debt due to high interest rates on their loans, particularly the Plan 2 loans that charge RPI plus up to 3%. Despite making repayments, many find that their loan balances are increasing because the interest accrued exceeds their payments. Concerns have been raised about the sustainability of student finance and whether the government will take action to alleviate the financial pressure on graduates, especially before the upcoming budget announcement on October 30.