Poorest students will leave university £57,000 in debt
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In a new study conducted by the Institute for Fiscal Studies (IFS), it is apparent that students from the poorest 40% of households in the UK will graduate with around £57,000 of debt, compared to those from the richest 30% left with £43,000 left to repay. It also finds that 45% of all student debt will never be paid off. A spokesman for the IFS claimed that the changes made in the past few years to student finance have been “heavily focused on further reducing the cost to central government” and that in turn, they had made the system far more unequal. “Replacing maintenance grants with loans reduces the government deficit but results in students from low-income families graduating with the highest debt levels.” Labour’s shadow higher education spokesman, Gordon Marsden, welcomed the study’s findings as they prove the effect the government has had on student debt and blew holes in its defence of actions.
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