Student debt will cost British government billions by 2040, new stats have revealed

‘A former British universities and science minster has revealed that student debt will cost the government billions of pounds a year over the next three decades.

According to the Independent newspaper, John Denham, with the opposition Labour Party, released new statistics showing the government’s writing off of student debts as well as net lending will reach more than £8 billion by the 2040s.

This amount of money would be 0.6 percent of the UK’s gross domestic product (GDP), and would almost equal the entire higher education budget, according to the figures.’

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