Under the new plan, any outstanding student loan is wiped after 40 years rather than the current 30 years
Zoe Cooke, who runs What I Wish I Knew About University , a popular Facebook group for parents of children at university, says she has seen a significant rise in posts worrying about how they are going to afford to support their children at university. “There’s a huge amount of guilt surrounding how much money they can give in addition to their student loans,” she says.
This change is likely to benefit higher earners expecting to fully repay their loan the most, says the IFS, as they will accrue less interest and fully repay their loans in fewer years.Cherry Hagger and her husband Mark, from Essex, have helped put her three children through university and started putting money aside when each was in year seven to top up the maintenance loan shortfalls. Two have now finished university and one is currently in their second year of studies.
“The worst off are families with more than one child and a dual income that is just above the £62,000 threshold. In this case, students will get the minimum loan of £4,651. But parents with these earnings aren’t rich and probably haven’t saved because there is no additional cash with food inflation and mortgage rates.
It means many students will have to rely on part-time work or parental contributions to top up their income if they don’t get the full maintenance loan.
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