The UK is experiencing a significant increase in student loan debt, with recent figures revealing an individual owes a record high of £231,000. This information was disclosed by the Student Loans Company through a BBC News Freedom of Information request. The report also noted another graduate accumulating over £50,000 in interest alone and a record repayment amount of £110,000 spanning six years of study. As per the current data, the average debt for UK graduates is £44,940. Under Plan 2, graduates are required to repay 9% of their income above £27,295, with the debt being forgiven after 30 years. The individual with the highest debt started their studies post-September 1, 2012, under Plan 2.

The government, acknowledging the escalating costs, announced changes in 2022 for students beginning undergraduate courses from August 2023. These students will face a repayment duration extended to 40 years from the previous 30, with the income threshold for repayments lowered to £25,000 annually. The Department for Education has emphasized the necessity for a student finance system that balances the interests of both students and taxpayers. Tuition fees in England were capped at £9,250 annually but have seen a threefold increase since 2010, contributing to the rising student debt challenge.