Image: Exampapers Plus [CC BY 2.0], via Flickr
Government tries to ease loan book cost for taxpayers by making graduates pay back more
The minimum salary that graduates need to earn before they start to pay back their loans is being frozen next year in a bid to ease the cost burden of higher education for taxpayers.
Further and higher education minister Michelle Donelan confirmed on 28 January that the salary threshold of £27,295 will be the same for the 2022-23 financial year. It means more students will start to pay back their loans earlier, as the salary students need to earn before they pay back their loans will not keep up with inflation.
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