Students are borrowing record amounts to pay for their studies, new government figures published today reveal.

The total amount loaned to university students rose by 32.2% last year to nearly £4bn.

Most of the money loaned to students in higher education during 2007-08 was used to cover living expenses, a total of £2,835.5m, up 10.4% on 2006-07.

The amount borrowed to cover tuition fees rose 176.7% on 2006-07, totalling £1,069.5m in loans in 2007-08.

The Student Loans Company was owed £21,944.3m at the end of the 2007-08 financial year by 2.7 million borrowers. Of these, 1.7 million had started repaying their loans.

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