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New figures have shown that the cost of studying at university will cost British citizens more money as half of these loans will not be repaid.

Tripling tuition fees has left students with graduate debts as big as £43,500 with bills increased to £9,000 each year under the coalition government. A spokesperson for Trust Deed Scotland has responded to the debt figures.

New figures have shown that the cost of studying at university will cost British citizens more money as half of these loans will not be repaid. The decision to cap fees at £9,000 means that taxpayers shall have to pay for an added £2.5 billion than ministers said, according to the House of Commons library figures. Ed Miliband and Labour were highly critical of the Conservative and Liberal Democrat alliance and their implemented rises shortly after the 2010 election.

Miliband’s campaign chief Lucy Powell attacked the decision to increase tuition fees: "Ed has long said that he thinks that the current system needs to change and figures we’ve gained from the House of Commons library this morning show that the new funding arrangement, the increased tuition fees to £9,000 a year is actually costing the taxpayer more because half of those loans that people are having to take out won’t be repaid.

“So we’ve got young people leaving university with £30,000, £40,000 worth of debt. Nearly half of them won’t actually repay those loans so it’s costing the taxpayer more anyway.”

Chuka Umunna, the shadow business secretary, claimed that Labour would introduce a ‘graduate tax’ if they regained control of the House of Commons in May which would replace tuition fees by going on the earnings of students. Labour have previously pledged to cut tuition fees by a third – setting a cap at £6,000 per year.

A spokesperson for Trust Deed Scotland, independent debt advisors, responded to the research: “A hike in tuition fees has been a real source of controversy during the current government’s tenure in office. Although Scottish students are exempt from tuition charges when they study at Scottish universities, some need to attend English or Welsh establishments for a specific course.

“Youth unemployment is a problem throughout the UK and rising debt levels will only add to people’s worries about an uncertain economic future.”

Trust Deed Scotland Ltd is a leading debt advisory service for Scottish residents. They are 100% owned and operated in Scotland, with a 98% trustpilot rating owing to their free, qualified debt advice. They are able to advise on the suitability of Trust Deeds and a number of alternatives, including The Debt Arrangement Scheme, Debt consolidation and Sequestration.

This press release was distributed by ResponseSource Press Release Wire on behalf of Trust Deed Scotland in the following categories: Children & Teenagers, Personal Finance, Education & Human Resources, for more information visit http://pressreleasewire.responsesource.com/about.