It’s time to accept that a substantial proportion of British universities are simply not fit for purpose, writes Paul Ormerod

The true cost of taking a degree at many of Britain’s universities is becoming all too frighteningly apparent.

Students are now graduating with an average debt of £53,000. A good chunk of this is taken up by loans for tuition fees. It has been known for some time that many graduates will never earn enough to pay off their debt.

But figures obtained by The Times newspaper via a freedom of information request to the Student Loans Company paint a distinctly gloomier picture.

Even those who make repayments are finding that, because of the interest rate charges, their level of debt rises rather than falls.

News Updates

Stay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.

The repayment structure is quite complex and depends on when the loans were actually taken out. But in essence, once a graduate earns........

© City A.M.