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Student debt to hit credit records

Students who fail to meet debt repayments could find their credit records affected, according to a report.

It has been suggested that the Student Loans Company is planning to pass information on about bad debts, which is something it has not done in the past.

The announcement could be bad news for students who have not taken the issue of debt seriously enough during their studies.

"At the end of the day, they lend you money based on the fact that you are going to pay it back at some point," said Samantha Owens from the personal finance website Moneyfacts.

"It is a lesson to be learned for the future - you take out a student loan and you don't pay it back... you wouldn't expect to take out a mortgage, not pay it back and get away with it."

University is often the time people get their first experience of debt.

There is concern that with the cost of borrowing rising as a result of the credit crunch, many people with large debts will suffer this year.

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