Scott founded MoneyNerd after his own experience with debt. He runs the website and oversees its general information about debt and other money matters.
Scott does not provide personal debt advice or recommend debt solutions through MoneyNerd. If you make a debt enquiry, MoneyNerd may introduce you to The Debt Advice Service, which provides any personal debt advice.
Janine previously contributed articles and videos to MoneyNerd about everyday money, household costs, debt topics and parking matters. She has a background in broadcasting, including work with BBC Radio 5 Live and Bauer radio stations. Her published work provides general information, not personal debt advice.
Advertisement. MoneyNerd introduces enquiries; we do not give debt advice or recommend solutions. The Debt Advice Service, a trading style of Pacific Financial Solutions Limited, offers free debt advice with no obligation. Complete the enquiry form to share your details and request a call.
Some debt solutions have fees and may negatively affect your credit rating. MoneyNerd may receive a fee if you go ahead with a debt solution through The Debt Advice Service. For free, impartial guidance and help finding free debt advice, visit MoneyHelper.
MoneyNerd introduces enquiries to The Debt Advice Service and may receive a referral fee. For free, independent guidance and help finding a debt adviser, visit MoneyHelper.
This information and enquiry service is not a full financial assessment or a guarantee of suitability or debt write-off. Debt solutions are not suitable for everyone. Fees may apply, and your credit record and assets may be affected. Get advice on your circumstances before choosing a solution.
MoneyNerd introduces enquiries to The Debt Advice Service and may receive a referral fee. For free, independent guidance and help finding a debt adviser, visit MoneyHelper.
This information and enquiry service is not a full financial assessment or a guarantee of suitability or debt write-off. Debt solutions are not suitable for everyone. Fees may apply, and your credit record and assets may be affected. Get advice on your circumstances before choosing a solution.
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.
Advertisement
Request a call from The Debt Advice Service
Tell us how much debt you have to continue to the enquiry form. Options depend on your circumstances.
Advertisement. MoneyNerd introduces enquiries; we do not give debt advice or recommend solutions. The Debt Advice Service, a trading style of Pacific Financial Solutions Limited, offers free debt advice with no obligation. Complete the enquiry form to share your details and request a call.
Some debt solutions have fees and may negatively affect your credit rating. MoneyNerd may receive a fee if you go ahead with a debt solution through The Debt Advice Service. For free, impartial guidance and help finding free debt advice, visit MoneyHelper.
UK Statistics
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.
How is the 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.
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.
Advertisement. MoneyNerd is a commercial introducer, not a debt adviser. The Debt Advice Service, a trading style of Pacific Financial Solutions Limited, offers free debt advice with no obligation. If you request an introduction, your details are shared with them so they can contact you.
Some debt solutions have fees and may negatively affect your credit rating. MoneyNerd may receive a fee if you proceed with a debt solution through The Debt Advice Service. MoneyHelper offers free, impartial money guidance and help finding free debt advice.
Graduate student loan statistics
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
Advertisement
How the introduction works
The Debt Advice Service can discuss your circumstances and explain available options, including their benefits, costs and risks.
Options depend on your circumstances. You decide whether to proceed.
Advertisement. MoneyNerd introduces enquiries; we do not give debt advice or recommend solutions. The Debt Advice Service, a trading style of Pacific Financial Solutions Limited, offers free debt advice with no obligation. Complete the enquiry form to share your details and request a call.
Some debt solutions have fees and may negatively affect your credit rating. MoneyNerd may receive a fee if you go ahead with a debt solution through The Debt Advice Service. For free, impartial guidance and help finding free debt advice, visit MoneyHelper.
By Age Group
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.
Tell us how much debt you have to continue to the enquiry form. Options depend on your circumstances.
Advertisement. MoneyNerd introduces enquiries; we do not give debt advice or recommend solutions. The Debt Advice Service, a trading style of Pacific Financial Solutions Limited, offers free debt advice with no obligation. Complete the enquiry form to share your details and request a call.
Some debt solutions have fees and may negatively affect your credit rating. MoneyNerd may receive a fee if you go ahead with a debt solution through The Debt Advice Service. For free, impartial guidance and help finding free debt advice, visit MoneyHelper.
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!
Scott founded MoneyNerd after his own experience with debt. He runs the website and oversees its general information about debt and other money matters.
Scott does not provide personal debt advice or recommend debt solutions through MoneyNerd. If you make a debt enquiry, MoneyNerd may introduce you to The Debt Advice Service, which provides any personal debt advice.
Janine previously contributed articles and videos to MoneyNerd about everyday money, household costs, debt topics and parking matters. She has a background in broadcasting, including work with BBC Radio 5 Live and Bauer radio stations. Her published work provides general information, not personal debt advice.
Advertisement. MoneyNerd introduces enquiries; we do not give debt advice or recommend solutions. The Debt Advice Service, a trading style of Pacific Financial Solutions Limited, offers free debt advice with no obligation. Complete the enquiry form to share your details and request a call.
Some debt solutions have fees and may negatively affect your credit rating. MoneyNerd may receive a fee if you go ahead with a debt solution through The Debt Advice Service. For free, impartial guidance and help finding free debt advice, visit MoneyHelper.
