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Looking to save a few more pennies while at university? Check out a list of Amazon Prime Student benefits and find a way to become a Prime Student for free.
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We’ve found that student loans are increasing in value and have increased by an average of 10% each year due to the rate that people are paying off their debts and an increase in interest rates. As of the 2017/2018 academic year, 90% of all loans belonged to full-time undergraduate students.
Loan category | 2016/17 | 2017/18 |
---|---|---|
Full-time undergraduate fee | £8,061mill | £8,413mill |
Full-time undergraduate maintenance | £4,870mill | £5,634mill |
Postgraduate | £469mill | £565mill |
EU students | £457mill | £514mill |
Part-time undergraduates | £236mill | £241mill |
Making up over 90% of the overall loans in the two most recent academic years, full-time undergraduate students are responsible for the vast majority of student loans. The maintenance loans and fee loans that make up full-time undergraduate loans both separately make up a greater proportion of the overall loan value than loans from the remaining borrowers. Fee loans cost £8,237 million on average over the two years (61% of the overall student loan value) and maintenance loans cost £5,252 million on average over the two years (34% of the overall student loan value).
Year | England | Northern Ireland | Wales | Scotland |
---|---|---|---|---|
2016 | £24,430 | £19,610 | £15,870 | £10,360 |
2017 | £32,420 | £20,850 | £19,000 | £11,650 |
2018 | £34,800 | £22,440 | £21,520 | £13,230 |
From 2016 to 2017, the amount loaned increased by 20%, and from 2017 to 2018 the amount increased by 10%. This increase could be a result of higher student living costs as well as previously increased university fees.
Year | Value of student maintenance loans | Repayments | Interest | Written off |
---|---|---|---|---|
2012/13 | £3,558mill | £1,407mill | £620mill | £38mill |
2013/14 | £3,784mill | £1,461mill | £921mill | £29mill |
2014/15 | £3,785mill | £1,613mill | £1,379mill | £29mill |
2015/16 | £3,942mill | £1,786mill | £1,570mill | £27mill |
2016/17 | £4,783mill | £2,016mill | £1,740mill | £30mill |
2017/18 | £5,263mill | £2,339mill | £2,497mill | £37mill |
Looking to save a few more pennies while at university? Check out a list of Amazon Prime Student benefits and find a way to become a Prime Student for free.
Read more…Make your student loan last longer with our top tips for money saving at uni. Learn practical ways to save money and get access to student discounts.
Read more…Wondering if you’re eligible for student discount? Read our guide to find out.
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