Martin Lewis has shared a warning to students - past and present - who still have loans to repay. The Money Saving Expert founder was reacting to the news that graduates from England and Wales who started university in or after 2012 will likely pay around £110 a year more than they would've done from April.
It comes amid plans to freeze the student loan repayment threshold – the earnings level at which loans begin to be repaid. Michelle Donelan, the minister for higher and further Education, announced on Friday that the salary threshold for student loan repayments in England will be frozen at current levels of £27,295 per year, £2,274 a month, or £524 a week for 2022-23. READ MORE: The Chase star Jenny Ryan opens up about struggles after 'really tough' time Some experts said the freeze represents a real-terms £150 increase in the amount to be repaid each year.
Martin, who has consistently warned against retrospective changes to student loans, has explained the situation in his latest Twitter thread and video.
While a "freeze" usually sounds like a good thing, Martin said what this really means, in reality, is that most graduates will actually end up worse off each year, the ECHO reports.
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