Graduates shouldering unprecedented £18 billion debt

4.59.39pm BST (GMT +0100) Fri 16th Jun 2006

Statistics released by the Student Loans Company show many graduates are failing to keep up with their student loan repayments. £186.3m worth of loan repayments were in arrears by the end of the 2005-6 financial year.

Sarah Teather MP - LibDem Shadow Education Secretary

Liberal Democrat Shadow Education Secretary, Sarah Teather MP said:

"The Government doesn't seem to be taking the long-term impact of their tuition fees policy seriously.

"This generation of young people face an unprecedented burden of debt which is going to effect their ability to buy homes, start families and save for old age.

"Today's twenty- somethings face serious financial problems because of student debt that their parents never encountered. It's a real worry that debt levels are so huge even before higher fees kick in.

"This should be a timely reminder to politicians who glibly talk about lifting the cap on fees that their policies have serious long term implications for a whole generation's financial security."

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