More than four in five (82.6%) student loan balances have grown since borrowers became eligible to start repaying them, according to new Freedom of Information data obtained by Compare the Market from the Student Loans Company (SLC). The latest figures suggest that student debt is continuing to grow for many borrowers even after they become liable…
Read moreA new report by the Treasury Committee has found that students were not told clearly enough that loan terms could change retrospectively, and called for a U-turn on the decision to freeze the income threshold at which some graduates start repaying their loans. The report also says that the Government has a moral obligation to…
Read moreA new report by Barclays has highlighted how student loans significantly impact graduates’ ability to save for home deposits. The study reveals that individuals with student debt save £310 monthly, while those without save £473.70 creating a £1,963.70 gap annually. Additionally, 44% of loan holders feel repayments hinder their financial stability, and 41% believe it prevents…
Read moreA Freedom of Information (FOI) request submitted by Royal London to the Student Loans Company (SLC) has revealed a huge spike in the number of borrowers burdened with student loan debt in excess of £100,000, which jumped by a third to more than 150,000 in the first six months of the year. The FOI revealed…
Read moreHigher interest rates increase the expected government cost of financing the student loan system in England by more than £10 billion per year, new analysis by researchers at the Institute for Fiscal Studies (IFS) shows. The IFS says that in recent years, the government’s borrowing costs have always been lower than the interest rates it…
Read moreNew IFS research has found that a blanket minimum eligibility requirement (MER) for access to student loans would be a highly imperfect way of improving student outcomes. It would increase the already large socio-economic gaps in higher education and would disproportionally affect ethnic minority students. The government recently announced a consultation on changes to the…
Read moreThe largest student loan reform since 2012 will reduce the cost of loans for high-earning borrowers but increase it for lower earners with graduates face paying extra £28,000 towards their loan over their lifetime according to new analysis by the Institute of Fiscal Studies (IFS) Starting with the 2023 university entry cohort, graduates will pay…
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