Student Loan Repayment Rates in the UK.
In the academic year 2022-23, full-time undergraduate students in the UK are projected to borrow an average of £42,100 throughout their university journey. This borrowing usually spans a 3-year period, encompassing tuition fees, living expenses, and other educational costs.
According to current estimates, over a quarter, precisely 27% of these students are anticipated to repay their loans in full. Looking ahead to the 2023-24 cohort, this percentage is set to increase significantly, with an estimated 61% of students expected to clear their entire loan amount.
These repayment projections offer insights into the changing landscape of student debt in the UK. With a substantial increase in the percentage of students clearing their loans within a few years of graduation, there is optimism for improved financial stability among graduates.
(Response: The percentage of UK students predicted to repay their student loan in full is 27% for the 2022-23 cohort and rises to 61% for the 2023-24 cohort.)