Almost 1.8 million people are now in at least £50,000 of UK student debt, according to a new analysis.
At the same tome more than 61,000 have balances of above £100,000, while 50 owe more than £200,000.
Graduates in work start repaying the debt once their annual income rises above a certain threshold, which varies depending on when they went through university.
However, the net effect is that millions of young workers are losing a large chunk of their income on top of standard tax, which is hitting their ability to afford a home, get married or start a family.
The figures are based on an analysis by the BBC of data collected by the Student Loans Company (SLC), who administer the regime.
The data shows the average outstanding balance for loan holders in England at the point they start making repayments is £48,470. However, balances can be significantly higher for those who study multiple or lengthy courses.
In 2023/24, some 2.8 million people in England made a student loan repayment, according to government figures, external released after the FOI response.
The National Union of Students (NUS) branded it “ridiculous” that none of the main parties are offering reform of student finance in the election campaign.
Titi, a senior electrical engineer from Croydon who asked for his full name not to be used, told the BBC that his student debt – which stands at more than £128,200 – rose by £788.11 between 6 April and 6 June this year.
“No matter how much I pay it is always increasing,” he said.
The father-of-one, 43, said it feels it is impossible to pay back the balance in full following his four-year course at London South Bank University and two years studying for a Higher National Diploma.
He said: “It seems like a money-making avenue when you look at the (interest) rates applied to the loans.”
He fears some people may be discouraged from higher education when they do the calculations and consider what they could earn without a degree.
It is more than 10 years since tuition fees were tripled in England. From 2017, fees have cost a maximum of £9,250 per year across all UK nations, though in Scotland, Scottish students are charged a maximum of £1,820.
Debts are written off at the end of loan terms – often 30 years – regardless of how much is owed by that point.
Claire Callender, a professor of higher education policy and deputy director of the Centre for Global Higher Education, warned that owing such high amounts is “likely to have a negative impact on graduates’ lives”.
Nick Hillman, the director of the Higher Education Policy Institute, said he was “most shocked” by the number of people in more than £200,000 of student debt.
He pointed out that the data suggests that less than 50 people owe at least £10m between them.
Mr Hillman said: “Clearly, at that level, the student loan system is not working well because these people will not pay it all back.”
The SLC said people with higher than average balances “may be in receipt of several student loan products”, including an Advanced Learner Loan for further education courses and funding for undergraduate courses, postgraduate Master’s courses and postgraduate Doctoral courses.
It said other factors behind high student debts could also include loan holders studying multiple or lengthier courses or holding more than one loan plan type, external. The company added that some students receive additional funding due to “compelling personal reasons”.