Loan system overhaul to benefit millions of students and graduates
A new online repayment service will go live in 2020 and will allow graduates to see and manage more up to date information about their student loan balance.
From April 2020, graduates will only need to start paying back their loans once they earn £26,575 – a third consecutive annual increase in the repayment threshold. The Government has acted to help graduates keep more money in their pockets in the early stages of their careers.
Under the current student loans plan, borrowers contribute an affordable amount based on their income, only once they reach the salary threshold. The Government subsidises around half of the overall cost of higher education.
Full details on GOV.UK website