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Huge student loans to cover fees

12 Jun 2007

Huge student loans to cover fees English students borrowed almost £377 million to pay their tuition fees in 2006-7, according to figures just released.

Almost £2.6 million was also lent to English students for maintenance costs.

The figures, from the Student Loans Company, reflect the increase in tuition fees for students who started university last autumn.

Students now pay up to £3,000 a year in fees to undertake a course at UK universities.

Under the new arrangements, the fees do not have to be paid up front but can be repayed once students graduate and earn above a certain amount.

The government has claimed the introduction of increased university fees has been a success.

Bill Rammell, higher education secretary, said: "The facts speak for themselves - the number of applicants applying for university in 2007 is up by six per cent compared to 2006, the highest ever at this point in the application cycle.

"Student loans are the safest and most effective way of financing education and the general picture is that students are borrowing within the amount to which they are entitled, not beyond their means."

However, there is evidence to suggest that many students are worried about the huge debt burden they will shoulder when leaving university.

Figures indicate that less school leavers are taking gap years, partly due to financial concerns.

Recent research also showed that many students spend more time working for money at university than they do completing their academic assignments.

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