Research shows psychology rated as the worst degree for accumulating debtPsychology graduates face student debts of nearly £100,000 when they leave university, figures have revealed.
It comes as it was revealed that Britain's biggest student debt is more than £230,000, while another graduate has run up nearly £55,000 in interest alone. The data from money.co.uk was compiled in 2022 and therefore does not take into account changes to the student loan repayment system which were introduced last year.
Teaching degrees ranked as the third highest for generating student debt according to the data, with students facing repayments of up to £99,473. The figures also reveal that the most interest accumulated on a loan was around £54,050, while the highest repayment made by a graduate is £110,112.11. He added: 'You almost become de-sensitised to how big the number is getting, although it still shocks friends and family.
The value of outstanding loans at the end of March 2023 reached £206 billion and in September 2023 the Government forecasted the value of outstanding loans to be around £460 billion by the mid-2040s. Students who went to university between September 1, 2012 and July 31, 2023 are on Plan 2 and will start repaying their loans once their income is over £27,295