Belfast Telegraph

NI student loan debt rises 10.6% to £3bn

By Staff Reporter

The debt owed by students who attended Northern Ireland's universities has increased to £3bn, according to the Student Loans Company.

This represents an increase of 10.6% when compared with 2015-16 (£2.7bn).

At the end of 2016-17 there were 222,700 NI borrowers, of which 145,100 had accounts liable for repayment - recipients only start to repay when they earn more than £17,775.

The average loan balance for all borrowers who still had a live account at the end of tax year 2015-16 ranged from £8,570 for the 2004 repayment cohort to a startling £18,840 for the 2015 repayment cohort.

Just 28,100 who have taken loans in Northern Ireland have fully repaid them. Loan debt is written off if the student has not repaid within 25 years of ending their university course.

The total amount lent to higher education students in the 2016-17 financial year was £330.9m.

Belfast Telegraph


From Belfast Telegraph