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Student loan repayments to start at £25,000

The level at which students begin to pay back their loans will be lowered from £27,295 to £25,000.

10 Mar 2022

The level at which students begin to pay back their loans will be lowered from £27,295 to £25,000.

From September 2023, the interest rate on student loans will also be set to RPI+0%. Additionally, the length of time that students pay their loans back until they can be written off has been extended from 30 to 40 years.

University tuition fees have been capped at £9,250 for the next two years and will not rise with inflation.

The Department for Education (DoE) said that the changes would 'rebalance the burden of student loans more fairly between the student and the taxpayer and ensure that in future graduates don't pay back more than they borrowed in real terms'.

Michelle Donelan, Higher and Further Education Minister, said: 'We are delivering a fairer system for students, graduates, and taxpayers as well as future-proofing the student finance system. 'We are freezing tuition fees and slashing interest rates for new student loan borrowers, making sure that under these terms no one will pay back more than they have borrowed in real terms.'

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020 7794 5757

Numera, 4th Floor Charles House, 108-110 Finchley Road, London NW3 5JJ

Numera is a trading name of Numera Partners LLP | Company Registration No. OC365787 | Place of Registration: England & Wales | Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales.

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Numera is a newly established forward-thinking firm of chartered accountants, with over 25 years in experience of audit, accountancy, taxation and business advisory services.

We work with clients in a large variety of industries and sectors; from sole traders to multi-million pound turnover organisations. We aim to create and maintain a close relationship with our clients. By being so involved, we are able to identify opportunities for our clients as well as possible risks that our clients may be faced with.

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