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Student Loans and Finance

What is a Student Loan?

A student loan is a type of financing that assists students in covering post-secondary education costs and associated fees. This financial support includes expenses such as tuition, books, supplies, and living costs.

Several changes will impact student loans in the 2023/2023 academic year.

Is the Repayment Threshold being lowered?

They will reduce the annual income threshold for loan repayment, requiring students starting in September 2023 to earn over £25k annually before they begin repaying the loan.

How long do you have to repay your Student Loans?

The next adjustment is scheduled for September 2023 when the repayment timeframe will extend from 30 to 40 years. This extension implies that students will essentially repay their student loans throughout their entire working lives. This resembles more of a graduate tax.

Are Student Loans Interest Free?

The current interest rate on student loans exceeds inflation, but authorities are working to align it with inflation rates, ensuring students won’t incur additional interest in real terms.

What does this mean?

At present, students contribute 56p for every pound, while the country covers the remaining 44p. After implementing these changes, students will contribute 81p for every pound, compared to the state’s 19p.

All this means that many graduates will now be paying double in the new system, moving funding from the taxpayer to the student them self.

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