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Students will owe £8.6bn in loan interest alone within five years, official figures show

Students will owe a staggering £8.6bn in interest alone on their loans within five years, government figures show – almost double the current debt.

The burden is set to mushroom amid growing criticism of the government for failing to act on sky-high interest rates – currently 6.3 per cent – charged on the money borrowed for studies.

Almost all the increase will fall on students who started their courses after David Cameron’s government trebled fees to £9,000 in 2012, whose debts will more than double from £3.5bn to £7.6bn.

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