Do you have any actual figures for the sentence in bold? The repayment threshold is pretty low, but it would be interesting to see how many graduates were below it.
Well, figures for that particular piece of information are hard to come by for free (IE behind pay walls).
But, if we go by the information the ONS offer, it would stand to reason many graduates are on NMW or not much above it:
Examples of non-graduate jobs include receptionists, sales assistants, many types of factory workers, care workers and home carers
It is a bit vague to be honest. The one piece of information I could find is from the HESA website (
https://www.hesa.ac.uk/dox/dlhe_longitudinal/0809/tables/long_dlhe_0809_table_11b.xls). It plots the wages of people who graduated in 2008/2009 and shows what their median wage was by Q4 2012.
So it's a bit out of date but it shows the majority of graduates were earning above £21k (71.8%). However, when you look at the median salaries, they are mostly around 21-25k, some as low as 16k. As such their contributions to repaying their loan would be negligible and they are unlikely to ever repay it.
For example, someone earning £25k would be repaying around £30 a month. For a £45k debt, and given their wages remained the same it would take them 125 years to pay off (and that is excluding any interest charges).
Even for someone earning £35k, it would take over 35 years to repay their loan.
It also shows that close to 28% of all graduates were still not earning more than £21k three years after graduating.
The information out there does still show, in my opinion, that job opportunities for graduates are not great. Almost half of graduates doing low skilled work 6 months after graduation suggests jobs are in short supply, or that we are over educating and providing surplus graduates or graduates with degrees that are not attractive to employers in industries where we are seeing growth. The great Labour lie is coming home to roost for two generations of young people.