Graduates were sold a lie over student loans and have been left stuck in debt, writes Charlotte Lynch

For years it had been billed as a 'no worries' loan to me and millions of others, who were still being told that going to Uni was basically the only way you were going to have a successful career. College courses and apprenticeships were nowhere near as respected as they are now.

When I started earning enough to begin repaying my £38,000 loan, I didn't mind, because it felt good to be paying off my debt.

So it was sickening to say the least to check my balance this week and discover I'm in even MORE debt than I was when I graduated.

That's because the amount I'm paying off every month isn't even covering the interest, so for me and millions of others, our debt is spiralling.

I'm one of 5.8 million people who took out a student loan between 2012 and July 2023 - now stuck on the crippling Plan 2 repayment plan.

This week, House of Commons Library data revealed more than £15bn in interest was added to the total amount of student debt owed in 2024-25. Only £5bn was repaid.

The interest is calculated at the RPI measure of inflation - which we all know has ballooned in recent years - plus up to an extra 3 percentage points depending on how much you earn. So the more you earn, the more interest you pay.

Many of those Plan 2 prisoners who graduated ~10 years ago have climbed the career ladder to earn a 'good' wage. Couple that with inflation running rampant... their interest is now out of control.

I was fortunate enough to quality for a maintenance grant for two of my three years at University, meaning I did not take out the maximum loan. I now count myself as one of the lucky ones, as my debt is low in comparison to many others.

However, my repayments are currently £191 per month. I have 22 years left before my loan is wiped, meaning I will pay around £50,424 over that time. Despite that being over £12,000 more than my original loan, my debt will never be repaid.

I will be in my 50s before the loan is wiped. In that time I hope to buy a house and have children. My repayments will no doubt continue to rise - money that could help to support my future family.

Unless I win the lottery I will never be able to afford to pay off my loan, because I want to put any savings I have into a house deposit. At least that money is an investment and still mine, but using it for my student loan would then prevent me from buying a house.

I therefore have no choice but to let my debt grow and keep paying the 'graduate tax' until it's wiped. The only saving grace is that a student loan has no effect on your credit score, and mortgage lenders take it into account.

I knew I would graduate with debt and I was well aware I would be expected to pay it off. I'd be happy to, in fact. But that's not what I'm doing - my debt is growing and all I'm paying is interest. I feel like I've been sold a dream, and I'm now one of millions in the same nightmare.

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Charlotte Lynch is a LBC News presenter.

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