A freedom of information request by pension provider Royal London found the number of people owing a six figure sum spiked by 33% in six months, according to data obtained from the Student Loans Company (SLC).

Figures previously released in January 2025 showed there was a total of 113,029 people owing over £100,000. In the space of six months this figure shot up to just over 150,000 people in June.

This £100,000 figure is double the amount that the average student owes, with the average debt among students who left university in 2024 being £53,000.

For example, a graduate who left university in spring 2025, after a three-year undergraduate degree now owes over £60,800, incurring an added £1,700 in just a few months due to an interest rate of 6.2%

The higher figures usually come from students who took multiple courses or chose lengthier degrees such as medicine or dentistry. According to the General Medical Council (GMC), medical degrees normally take five years to complete, meaning that students would have to take out far larger loans.

In total, more than 2.6m people now owe more than £50,000 in student debt. The value of outstanding student loans at the end of March 2025 reached £267bn, the government predicts the value of these loans will reach around £500bn by the late 2040s.

With average student loan balances tripling since 2010, it’s no wonder government forecasts of total debt are so high.

Graduates begin to pay back their student loan when their income is over the threshold amount for their loan plan, which is between £25,000 and £28,470, depending on which plan they are eligible for.

The government estimates that 44% of full-time undergraduates starting in 2024/25 will not repay their loans fully.

A longer repayment window also impacts rising debts, as some loans are designed to be paid off over a 30–40-year period.

Over this period however, graduates face high interest rates, some up to 6.2%. This means that despite making regular payments, some students are faced with an ever growing debt.

While these debts can be wiped after a set period, there are still worries about the possibility of young people being able to save up due to these loans.

Consumer finance specialist for Royal London, Sarah Pennells said: ‘These “debt sentences” mean that student loans are hanging over people for years. Six figure student loan balances aren’t just numbers on a screen, they’re delaying dreams, derailing savings plans, and making it harder for young people to feel financially secure.’

‘In today’s economic climate, where every pound counts, adding a mountain of student debt to the mix is pushing financial resilience to breaking point.

‘Graduates need to think about saving for a deposit, building an emergency fund, investing for the future, or even just feeling confident enough to start a family, but for graduates with six-figure loan balances hanging over them, those goals may be delayed or feel increasingly out of reach.’