New data suggests that some graduates will be able to fully repay their student loan debts in less than 15 years, while others will have the entirety wiped clean after 30 years depending on their career.
In 2015, UCAS revealed that a record number of students gained acceptance onto higher education courses. This increase in student numbers has correlated with rise of tuition fees, which were most recently increased from £9,000 to £9,250 in 2017.
In addition, maintenance grants have been scrapped, meaning that students now require a bigger maintenance loan to cover living costs and thus find themselves in more debt then before.
In response, MyVoucherCodes conducted an investigation into how much student debt graduates will pay back due to interest being added on to the repayments. They also estimated how long it will take to do so based on the average starting salaries of their chose careers factored in with the current pay rise rates (avg. 2.4%).
Among the findings, the most notable results include:
- Mechanical Engineers will take 29 years and four months to pay off their debt, including paying £27,930 of interest.
- Students pursing a career as a Vet will graduate with an average of £82,326 of debt, and are set to only pay back 53% before the entire debt is wiped clean 30 years later.
- Similar to Veterinarians, Journalists and Publishers will have their debts written off after 30 years without fully paying back their loans. Overall they will only pay 43% of the £47,929 figure.
- On the other hand, Investment Bankers and Financial Managers will pay their full loans off in 14 years, 5 months and 13 years, 9 months respectively.
Other careers which will fully repay their loans include: Biomedical Scientists (28 years, 10 months), Civil Engineers (28 years), Human Resources (27 years, 10 months), Marketing (27 years, 6 months), Consulting (20 years, 4 months) and Accountancy (17 years, 3 months).
Others, including Electrical Engineering and Retail Management, will have their loans written off before fully repaying.