MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.
Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.
Could you legally write off some debt? Answer below to get started.
For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
Featured in...
For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
Are you worried about paying back your student loan in the UK? You’ve come to the right place. Every month, over 170,000 people visit our website for advice on problems just like this one.
In this article, we’ll go through:
The average student debt in the UK
Tips on what to do if you’re feeling worried
How long it usually takes to pay off student loans
Understanding how much debt is too much
Ways you might be able to write off some of your debt.
We know it’s hard dealing with student debt; some of our team have had to pay off their own loans. With our expertise, we’re here to help you learn how to manage your student debt.
Could you legally write off some debt?
There are several debt solutions in the UK, choosing the right one for you could write off some of your unaffordable debt, but the wrong one may be expensive and drawn out.
Answer below to get started.
This isn’t a full fact find. MoneyNerd doesn’t give advice. We work with The Debt Advice Service who provide information about your options.
Average student debt UK
What is the UK average for student loan debt? The average amount of student debt on graduation is £45,000.
This includes any accrued interest and repayment costs but excludes other debts, such as overdrafts or credit card balances.
It also doesn’t include any savings you may have made during your course.
What is the average UK student debt, and how is that figure made up
In the UK, the average student loan debt is £45, 000 (2023 statistics). All students who intend to enrol in a university or college for a minimum of two years are included in this figure.
It does not include graduates who have left university with a degree and are now paying off their student loans.
The total amount of money the government gives each year to help students pay their tuition fees is called “student support.” It is provided directly by the government through its Student Loans Company (SLC).
The SLC also provides grants to help low-income families afford higher education costs. However, this UK government support doesn’t cover all tuition fees, so students may still need loans if they cannot access other sources of financial assistance, such as bursaries or scholarships.
A third of students will leave university with debts exceeding £30k
According to the 2018 National Student Loan Data System (NSLDS), the average graduate student with a Stafford loan has £18,618 in debt. This is down from £21,099 in 2017 and £22,010 in 2016.
The NSLDS also reports that, on average, students have put down an interest rate of 3.7% on their loans and made payments of £312 per month through PAYE or direct debit plans (this includes both public and private institutions).
The average student loan debt after university is £19,000
How a debt solution could help
Some debt solutions can:
Stop nasty calls from creditors
Freeze interest and charges
Reduce your monthly payments
A few debt solutions can even result in writing off some of your debt.
Here’s an example:
Situation
Monthly income
£2,504
Monthly expenses
£2,345
Total debt
£32,049
Monthly debt repayments
Before
£587
After
£158
£429 reduction in monthly payments
If you want to learn what debt solutions are available to you, click the button below to get started.
Following is a breakdown of average student loan debt by age group.
Under 25 years old £4,000
25-34 years old £25,000
35-44 years old £14,000
The average amount of student loans owed by those aged between 25 and 34 was the highest at around £25k compared to the other two age groups.
The average amount owed by those aged 35 to 44 was around £14k, significantly less than younger people who tend to borrow more money to pay off their student debts quicker.
The average debt that graduates leave university with has risen to £57,000. This is up from £45,000 in 2016 and is higher than any other country surveyed by the Student Loan Company (SLC).
How much does a typical vet student pay back once they graduate?
The average monthly repayment for such students is £203, although some pay more than others. The majority (57%) repay their loans within five years; 30% take ten years or longer, and only 17% manage to get rid of them entirely within three years.
Did you like this article?
Show your support ❤️
We're glad you liked the article! As a small team, your support means everything to us. If you could rate us on Google, it would be amazing. Thank you!
MoneyNerd’s founder, Scott Nelson, has a decade of financial industry experience, including 6 years in FCA regulated loan and credit card companies. Troubled by a lack of conscience in the industry, he founded MoneyNerd to give genuine advice to those in debt and struggling financially.
Janine Marsh is an award-winning presenter and a valuable member of the MoneyNerd team. With a wealth of experience as a financial expert, she's been featured on BBC Radio 4, BBC Local Radio, and BBC Five Live, and is a regular on Co-op Radio.
Could you legally write off some debt? Answer below to get started.
For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
