Local MP demands Government act now to avoid £43,825 graduation debts

22.2.05

Following reports of soaring living costs which will leave today’s toddlers with massive student debts at graduation, Edward Davey, Liberal Democrat MP for Kingston and Surbiton, has slammed the extortionate living costs in a letter to Education Minister Ruth Kelly.

The report, which was published on Friday 18th February by the Liverpool Victoria Friendly Society, predicts that by the time today's toddlers have graduated they will be in debt by, on average, £43,825. The large part of this figure will be student debt which is set to quadruple between now and the time the sample group graduate in 2023.

Edward Davey commented

"In my letter I urged the Minister to abandon the dangerous and damaging policy of top-up fees which are set to hit students in 2006. I also called for the abolition of tuition fees.

"This report shows how fears that higher education will return to being the privilege of the wealthy are well founded. Student debt is bad enough at the moment at an average of £9,210, but it is set to get far, far worse.

"The debts are also out of step with starting salaries. The proportion of debt to salary is set to rise from 42 per cent of a graduate's starting wages today to 83 per cent in 2023.

"Scrapping tuition fees and resisting top-up fees have long been Liberal Democrat policies. I can only hope the Minister will see sense and listen to the report and the Lib Dems. Someone has to try to defuse the debt timebomb."