The cost of university will double for many students under huge changes to how graduates pay back their student loans.
The new system will apply to any students starting university in September 2023. Under the current system, graduates start to pay their student loan back once they earn above £27,295, paying 9% of anything above that towards their loan, however, the new system has lowered that pay threshold.
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.
