Former education secretary Nicky Morgan will lead an inquiry into the rising costs of the student loans system in England and its possible replacement by a graduate tax. The investigation is needed because of the steeply rising levels of debt carried by graduates after leaving university. It will run alongside similar hearings on personal finance by the House of Lords economic affairs committee. A recent report from the Gambling Commission found that some students have £10,000 gambling debts. A 24-year-old who got into gambling at university said, ‘It went from spending a few days after coming home from lectures and going onto my laptop to suddenly saying no to going out with friends, maybe saying no to going to uni. I think you can be very vulnerable. I'd never budgeted before, and money was a whole new concept to me.’ See also: