SCIENCE & EDUCATION

The true cost of a university degree will rocket to up to £100,000 for today's students, The Independent on Sunday can reveal.

Thousands of people currently studying at university will end up paying that amount over their career because of interest charges and other fees – several times the £27,000 or £36,000 in fees that most three- and four-year courses charge.

The landmark figure, revealed in the Government's own documents, is far higher than the £70,000 in repayments that it was previously thought students would end up paying over their lifetimes. The Government figures confirm that graduates who find well-paid jobs – in finance and law, for example – will be able to save tens of thousands of pounds by paying off their loans more quickly than the vast majority of their counterparts on middle incomes.

Even before they started in September, every student was hit with a hidden charge: for repayment purposes, the total cost of tuition is backdated to day one, meaning that the majority of the 300,000 three-year students and 117,000 four-year students currently studying will graduate with an extra £3,300 or £5,000 bill respectively, according to the Department for Business Innovation and Skills (BIS) website. Many students will repay up to four times the cost of their tuition during the 30 years following graduation, after which any remaining debt is written off.

Add in other living costs and average student debt is now predicted to hit £53,000 by graduation. Accountants say billions of pounds of student debt will never be repaid, leaving "a massive tax time bomb" for generations to come.

full text of the article: The Independent

photo: The Independent website