Revealed: The hidden cost of degrees for all as shock figures show almost HALF of graduates from worst universities aren't repaying loans

Most students enter university in the hope that their degree will land them a better-paid job. But almost half of graduates from some institutions are still earning less than £17,465 up to eight years after leaving college, The Mail on Sunday has learned.

The figure represents the threshold for paying back student loans for those who graduated between 2010 and 2014, and is well below the average UK salary of £27,000.

Bolton was the worst performing university, with just 56 per cent of graduates hitting the level. Its vice-chancellor George Holmes is paid more than £220,000 a year, and has controversially said that students should be inspired by being taught by rich people.

Bolton University vice-chancellor George Holmes, pictured, is on £220,000 a year, despite his university having the lowest number of graduated earning the loan repayment threshold

Prof Holmes claimed starting salaries for Bolton students are lower because of reduced living costs in the town.

He said: ‘Students do not hit the payback threshold as quickly but have a better standard of living with more disposable income.’

Top of the league for well-paid jobs is the London School of Economics, where almost nine in ten graduates are earning above the threshold. The Mail on Sunday obtained the figures from the Student Loans Company, the Government-owned body responsible for administering loans.

Tory MP Rob Halfon, chairman of the Commons Education Select Committee, said: ‘Between a fifth and a third of graduates are not getting good graduate jobs when they leave university. Instead of doing courses that are not going to get them graduate jobs, we should put a huge amount of money into degree apprenticeships, so that students earn while they learn and get a job at the end of it.’

And Charlie Mullins, founder of the Pimlico Plumbers empire, suggested it was ‘fraud’ for universities to tell prospective students they need degrees to get well-paid jobs.

A major report last year calculated that, in the long term, the Government will foot the bill for £5.9 billion a year in unpaid student loans.