Naseeb Chuhan, who was studying human geography at Leeds Beckett University, was found dead on May 28 last year, the inquest into his death at Wakefield Coroners Courtwas told this week.
His father, Kuljit Chuhan, told the inquest that he discovered the mountain of debt only after his sons death.
He believes his son was the victim of so-called payday loans or short-term high-interest loans offered by loan companies without any affordability checks.
According to the Yorkshire Evening Post, Naseeb started studying at Leeds Beckett University in September 2015 and completed all the work required of him up to the end of that year.
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But his studies started to suffer and he did not attend an exam in January 2016 or the resit in April last year.
Later that day, he spoke to a student well-being officer at Leeds Beckett Universitys hub and an appointment was made for him to speak to a counsellor on May 27, but he did not attend and was found dead the day after.
A consultant pathologist who conducted a post-mortem on Naseeb told the inquest the cause of death was hanging.
Coroner Jonathan Leach was asked to consider writing to the UKs Financial Conduct Authority over the dangers of payday loansafter he recorded a suicide verdict.
Perhaps troubled by his mental health, he has not seen a way out and has seen a solution in suicide, said barrister Julie-Anne Luck, appearing for the Chuhan family.
"I would invite you to ask the Financial Conduct Authority what more can be done to make sure unaffordable loans cannot be granted, she added.
The coroner said he has taken her request under consideration.
Chuhans parents have also set up a website in memory of their son "as a celebration of Naseeb's great spirit and the many parts of his life that he and we all value, enjoyed and cherish".
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