The Money Saving Expert has explained the new system to both worried freshers and parents Curiously
Martin Lewis has explained how changes to student loan repayments will impact freshers beginning their studies this September.
The new system will mean that future graduates will repay more of their student loan over a longer period of time. He compared it to the system that is currently in place for students, explaining: "From the April after you leave university, you start to be eligible to repay the student loan."On the current system, you repay 9% of everything over £27,295. From the new system, it will be 9% over £25,000.
Martin then explained the other impactful change being made to new students. They will have to pay off their loan for up to 40 years which is a 10 year increase on the current repayment period of 30 years.
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