A third of graduates who started university after 1998 are not paying back their student loans yet.

Some 400,000 graduates are earning below the £15,000 income threshold to pay back their loan, since the introduction of tuition fees.

The figures have come to light after a response to a parliamentary question from the Liberal Democrats.

Lib Dem universities and skills spokesman Stephen Williams said: “It is shocking that nearly a third of graduates are not yet earning enough to repay their student loans.

“Having forked out for at least three years to get a degree, many new graduates would be expecting to be in well-paid employment.

“Aside from their student loans, many of these young people will have also stacked up large amounts of commercial debt which they will be struggling to repay on their relatively low wages.”

He added: “As the financial crisis worsens the burden on new graduates is going to be even greater.”

Neil Munroe, external affairs director at credit reference agency Equifax, explained that in the current economic downturn it was vital that students keep a keen eye on their financial situation.

“Students and their parents can easily run the risk of misjudging what they can afford when it comes to funding student life,” he said.

“With recent studies revealing that the average parent thinks it would cost about £12,550 for their child to complete a three-year degree course compared to the reported real cost being closer to £40,000, learning to budget from the start will be the key to students staying on top of finances.”

Mr Munroe added students were also underestimating their salaries once they graduate.

“Plus, for those banking on clearing student debt quickly once graduating, this could be an unrealistic dream for many as they are misjudging their starting salaries once they graduate by over £2,000,” he said.

“New graduates were paid an average wage of £16,600, rather than the £18,600 they had expected.

“With a little careful preparation and budgeting, students can avoid getting into financial difficulty, which will help them deal with the realities of graduate wages.”