Students Could Pay Back Double

The new student loan system which is due to come into place could mean some students will pay back double the amount they borrowed.

According to data collected by leading accountants for the BBC, students who take a £39,000 loan for three years could find themselves paying back £83,000.

Parents who wish to pay back their childs debt early could find themselves paying a penalty but the universities minister David Willetts told the BBC,

“What we are looking at is whether, if people wish to repay early having taken out a loan, there should be any payment for that and on that we are going to be consulting people to seek their views,” Mr Willetts said. “The question on which we will consult is whether or not there should be a penalty for people.”

 

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