Scale of student loans in England
Currently £20 billion per year is loaned to around 1.5 million higher education students in England. The value of outstanding loans at the end of March 2024 reached £236 billion. The Government forecasts the value of outstanding loans to reach around £500 billion (2023‑24 prices) by the late-2040s.
The forecast average debt among the cohort of borrowers who started their course in 2022/23 is £45,600 when they complete their course. Forecast debt is expected to be lower for those starting in the reformed system from 2023/24 at £43,700.
The Government forecasts that around 65% of full-time undergraduates starting in 2023/24 would repay them in full.
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