Frozen Student Loan Threshold: Higher Repayments for Graduates

Money-saving expert Martin Lewis warns that British graduates with Plan Two student loans will pay more due to a frozen repayment threshold in the Autumn Budget. The threshold, currently at £28,475, will rise to £29,385 next April and remain there for three years. This means more people will exceed the threshold, leading to higher repayments. The change is expected to bring in an additional £400 million annually for the Treasury. Officials argue that everyone should contribute more, as only 34% of Plan Two loans are paid back in full. The decision is similar to freezing other tax thresholds. DNN | The Daily News Now! The world’s first global local news network. Every city. Every story. AI powered. Hosted on Acast. See acast.com/privacy for more information.