Students will be building up personal debts of up to £50,000 which could affect their credit ratings detrimentally. A poor credit rating could prevent a former student being granted a mortgage.
Students will be building up huge debts, and some will default on their loans. This could be the start of a worrying pattern of loans being reneged upon by those who originally took them out.
The potential debt burden that young people take on if they go to university will lead to some of them giving the decision some serious consideration.
Some students who are still at school may feel that their time would be better spent getting into work, establishing financial independence as opposed to falling into crippleing debt.