In last year’s budget Rachel Reeves froze the salary threshold for plan 2 loan repayments for three years from April 2027 – which means borrowers will have to pay even more towards their student loans as they benefit from pay rises.
Student finance is made up of a tuition fee loan, which covers course fees and is paid directly to the university, and a maintenance loan, which is designed to help with costs such as rent and food.
Both need to be paid back, and interest is added to the balance each month from the moment the first payment is made to the student and/or their university, until the loan has been repaid in full or written off.
If you’re a graduate in England and Wales, we’d like to find out how are you managing to pay off your loan. Have you experienced large increases in outstanding debt? Do you have concerns?
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