The cost of university will double for many students under huge changes to how graduates pay back their student loans.
Under the current system, graduates pay back their loan until it is fully paid, or after 30 years, whichever comes first, but that deadline has now been extended under the new system.New students starting in September 2023 will pay back 9% of their salary above £25,000 instead of £27,295, and will pay their loan back until it is repaid, or after 40 years, whichever comes first.
"Under the current system, for every pound of funding in higher education for an individual student through the loan system, the student will pay 56p back and the government will pay 44p of it. Under the new system, the student will pay 81p in the pound, and the government will pay 19p.
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Source: MENnewsdesk - 🏆 23. / 69 Read more »