Student debt to cost Britain billions within decadesThe Independent.
The figures, obtained by Labour's former universities minister John Denham, show that writing off students' debts plus net lending – the amount loaned to students less the amount they repay – will add up to more than £8 billion by the 2040s, or 0.6% of UK gross domestic product, or GDP. In addition, interest payments on outstanding loans will amount to a further 0.3% of GDP – bringing the annual cost close to one per cent of GDP (or £14 billion in today's terms), according to figures obtained from the Office for Budget Responsibility by Denham.
An independent Higher Education Commission late last year warned that the current fees-and-funding system was "unsustainable", and left three-quarters of students unable to pay off their loans.
Full report on The Independent site