Doctors and lawyers will be the only UK graduates who can pay off their student debt, warns the Centre for Economic and Business Research, with a "majority" unable to pay off the debt entirely before they are written off after 30 years. Researchers analysed 12 professions and average salaries over the 30-year lifetime of student debt for graduates from middle-income homes. "Many of the other professions, including the relatively well-paid ones, never manage to pay off the loan because it can easily rise at a faster rate than salaries," says the report, adding that "families need, like never before, to look at ways of offering support," thereby adding further strain to the "Bank of Mum and Dad. The report also highlights how many young people have been forced into early retirement by rising living costs in recent years, which has led them to take on more debt. A recent report by Aviva reveals that 37% of 2,000 UK graduates now regret attending university due to the debt incurred.
Doctors and lawyers will be the only UK graduates who can pay off their student debt, warns the Centre for Economic and Business Research, with a "majority" unable to pay off the debt entirely before they are written off after 30 years. "Many of the other professions, including the relatively well-paid ones, never manage to pay off the loan because it can easily rise at a faster rate than salaries," says the report, adding that "families need, like never before, to look at ways of offering support," thereby adding further strain to the "Bank of Mum and Dad. The report also highlights how many young people have been forced into early retirement by rising living costs in recent years, which has led them to take on more debt. A recent report by Aviva reveals that 37% of 2,000 UK graduates now regret attending university due to the debt incurred.