Student loan costs are to jump from 4.6 per cent to 6.1 per cent in September as a result of soaring inflation.

The hike means many students will see debts grow by more than £3,000 a year.

Thousands are leaving university with debts of £50,000 or more now that tuition fees are as much as £9,250 a year.

Burden: Student loan costs are to jump from 4.6 per cent to 6.1 per cent meaning many students will see debts grow by more than £3,000 a year

Since the rules changed in 2012, students have accrued interest on their loans at the rate of inflation — measured by the retail price index (RPI) — plus 3 percentage points during the course of their studies.

RPI jumped from 1.6 per cent to 3.1 per cent in the year to the end of March, the period used to calculate the increase.

Once students graduate, the interest on their loans stays pegged at RPI inflation if they earn less than £21,000.

Students from Scotland and Northern Ireland, as well as English students who took out a loan before 2012, pay just 1.25 per cent.