Only two-thirds of Cambridge students took out a tuition loan in the 2022/23 academic year, and the highest individual student debt of a Cambridge graduate is £141,210, Varsity can reveal.

The number of undergraduate Cambridge students who took out a tuition loan for that year is 8,704, making up two thirds of its overall intake (approximately 12,940). The figure for those taking out a maintenance loan – 8,774 – is marginally higher.

The data was provided by the Student Loan Company (SLC) following a Freedom of Information (FOI) request submitted by Varsity and includes figures relating to student loans taken out by Cambridge students in the academic year 2022/2023.

Of these students who did take out a maintenance loan to cover their living costs, the average amount is £5,837 (calculated by summing the overall maintenance loan award and dividing by the students awarded a loan). The recommended sum Cambridge students need to support themselves through the next academic year (2024/25) is now £10,950.

According to the SLC, the highest outstanding loan balance for a student who only attended Cambridge (£141,210) and the highest outstanding loan balance for a student who attended Cambridge and other higher education providers (£141,118), belonged to those with extenuating circumstances. This includes students who received funding for multiple courses, additional funding due to personal reasons, or are on courses of up to six years on length.

Elsie McDowell, President of Cambridge’s SU Class Act Campaign, spoke to Varsity about the discrepancies between students taking out different loan amounts, stating: “I am incredibly grateful for my full maintenance loan as I would not have been able to afford university without it.”

“However, I will be graduating with almost £60k debt for my three year degree, meaning that in the long run I will pay more for my time at university than my more affluent peers. This feels both terrifying and unfair,” she continued.

Student loans begin gaining interest from the date the first payment is made to a student or their university, meaning students on longer degrees will see their debt accumulating more interest over the duration of their studies than those on a typical three year course.

Luke Quinn, a Medicine student at Cambridge, admitted “the three extra years before I will be earning a salary when the debt will be increasing in size further exacerbates my concern over adequate pay for NHS staff.”

“It is frustrating to look at my career prospects with the view of how long it will take to pay back this increased debt on the current pay levels, and even makes me understand why so many medical graduates consider moving abroad for a better salary,” he added.

For students who matriculated from 2024, the introduction of Plan 5 loan repayments mean student debt will become an even heavier burden. Under this new plan, the income threshold for repayments has changed from £27,295 to £25,000 and the period before debt is written off has extended from 30 to 40 years.

Changes to tuition fees are not set to end with the introduction of Plan 5, as the government recently announced that the price of a university education will increase from £9,250 per year to £10,500 over the next five years. Cambridge University was one of 141 universities calling for the increase, triggered by a decrease in international student admission and increased inflation.

In order to support students struggling to fund their studies, the University runs a Bursary Scheme where eligible students are given up to £3,500 a year which, unlike tuition and maintenance loans, does not need to be repaid. Eligibility is calculated by household income and you can find out how much you are entitled to on the Cambridge website.

A Cambridge University spokesperson said: “The University recognises that variations exist across the nations of the UK for both tuition fee payments and student maintenance. Through use of our own resources, supplemented by philanthropic giving, we ensure that substantial levels of financial assistance are made available through our bursary and scholarship support, and that priority is directed to those students who are in the greatest financial need.”

“As we are working within systems of funding established by the government we need to be responsive to any changes, which is why we regularly review the levels of financial assistance we provide. We also need to ensure that our resources support not only the current student body, but are also available to assist future generations of Cambridge students.”

A Department for Education spokesperson has commented: “We believe that every young person, regardless of their background, should have the opportunity to attend university. That’s why we are dedicated to creating a sustainable higher education funding system that supports students, expands opportunities, and upholds the excellence of our world-leading universities.”

“The Government is committed to reviewing the higher education funding system to deliver for our economy, for universities, and for students and we will be announcing further details in due course.”