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education-uk.html
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<title>Education in the UK</title>
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<h2>United Kingdom</h2>
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<ul>
<li><strong>Top-ranked university:</strong> University of Cambridge, ranked No. 4 worldwide</li>
<li><strong>Average annual tuition fee at a public college:</strong> $12,414</li>
<li><strong>Percentage of population with a bachelor’s: </strong>22.9%</li>
<li><strong>Employment rate for bachelor’s degree holders:</strong> 84.9%</li>
<li><strong>Student population: </strong>2.35 million</li>
<li><strong>Total population: </strong>65.4 million</li>
<li><strong>Cost of living index: </strong>76.02, ranked No. 25 worldwide</li>
</ul>
<p>According to <a href="https://www.slc.co.uk/media/9133/average-he-balance-on-entry-into-repayment-by-country-within-the-uk-fy-16-17.pdf" target="_blank">Student Loans Company</a>, a government-owned nonprofit organization, U.K. students are graduating £32,220 ($43,298) in debt, even though most bachelor’s degree programs span three years instead of four.</p>
<p>The <a href="https://www.bbc.com/news/education-11677862" target="_blank">individual debt burden increased</a> in 2012, with the passing of legislation that allowed universities in England to charge up to £9,000 per year.</p>
<p>Between March 2011 and March 2017, the country’s outstanding student loan debt has risen from £40.2 billion to £100.5 billion, reported <a href="https://www.slc.co.uk/media/9134/student-he-loans-balance-by-country-within-the-uk-fy-16-17.pdf" target="_blank">Student Loans Company</a>. That debt will likely continue to rise, with some universities charging as much as <a href="https://www.theguardian.com/education/2016/jul/20/english-universities-to-raise-tuition-fees-for-first-time-since-they-trebled" target="_blank">£9,250 per year</a>.</p>
<p><a href="https://www.dreamofhome.co.uk/" target="_blank">Sarah Elsey</a>, an English literature major who now runs her own blog, graduated from Liverpool Hope University £47,000 in debt.</p>
<p>“University is too expensive,” said Elsey. “There are funds available for those students who come from less well-off families, but they’re hard to come by. Nearly all students have to get jobs because their student loan doesn’t cover rent for the cheapest student accommodation.”</p>
<p>That being said, Elsey’s repayment plan is manageable for her budget. “Repayment is quite small,” she said. “If you’re on a wage of £21,000 per year, the monthly repayment is £24, which is definitely manageable.”</p>
<p>In the U.K., all college graduates go on an <a href="/featured/income-based-repayment-plan/">income-based student loan repayment plan</a>. Although this income-based system makes student loan repayment more manageable, it could also leave some borrowers in debt for a lifetime, since it sets the monthly payments quite low.</p>
<p>“It would take me 163 years to pay off my loan,” said Elsey. “If I was on a £30,000 wage, I would be paying £90 per month, taking me 43 years to pay my loan off.”</p>
<p>Fortunately, students don’t have to pay back their student loans forever. If they have a remaining balance after 30 years of repayment, the government will forgive the rest.</p>
<p>Although the U.K. struggles with student debt much like the U.S., its income-based repayment system means some grads are facing lower monthly payments after graduation without having to file any extra paperwork.</p>
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