Whether to pursue a master’s degree was not really a choice for Francesca Peters. Fresh from an undergraduate degree in biochemistry in 2020, she had set her sights on securing her dream job. There was a catch, however. The only route into her chosen field was further study – and more debt.

She had finished university with more than £60,000 in student debt but another loan to fund her master’s meant this spiralled to £77,000. “It just feels like a life tax,” she says. “Because I’m never going to pay it off.”