The total outstanding student loan debt owed by people in Northern Ireland has topped £5bn for the first time.That is according to figures from the Student Loans Company , which manages loans in the UK.
"It's not essentially money that you miss because you're not used to having it and it's just sort of a formality. "Although the money's getting taken from my account every month, it has not even actually taken away from the total value that is owed," he said. "I know without the help of my mum and dad, and also being fortunate to have a stable job during uni, I would have also really struggled.
Some students from low-income families in Northern Ireland can also get a grant of up to £3,475 a year towards their living costs which does not have to be paid back.Undergraduates from Northern Ireland begin to pay back their loans for tuition fees and living costs after they have graduated and are earning a wage of around £25,000 a year.Loans and repayment arrangements for postgraduate students are slightly different.