A third of students who started university since fees were introduced in 1998 are earning too little to make repayments on their loans, ministers have admitted.
Nearly 400,000 graduates have not made repayments on their loans up to seven years after they graduated because they are not yet earning above the £15,000 threshold. It comes amid concerns that graduates now face the toughest time in a generation as firms cut down on recruitment in the credit crunch.
Students leaders are warning that the promise of cheap loans to pay for fees has all but evaporated, with the RPI, the rate of inflation, running at 4.8%.
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