Figures show undergraduates in Northern Ireland took out £111.8 million of government loans last year to help pay for tuition fees.

The Student Loans Company said it loaned more money last year than ever before and 3% more than the previous year.

As more students enter higher education and apply for student loans to help them cover maintenance costs employment and learning minister Sir Reg Empey is considering the future of student finance.

DUP employment and learning Assembly committee member Robin Newton said young people are deciding not to go into further education to avoid the financial burden or student loans.

He said: "What we are now finding is that there are young people saying no to higher education because they don't want to come out with £10-15,000 worth of debt around their neck.

"That is not good for the economy as a whole where we need to encourage young people in science, technology engineering and mathematics to contribute to the economy."

Tuition fees currently stand at £3,145 per year, but a universities UK report published in March found that if fees were raised to the proposed amount of £5,000, by 2016 a graduate's average debt would be £26,400.