Good news! You’re going to have to pay back less of your student loan
But it’s a miniscule amount and you’ll never pay it all back anyway!!
The amount of money you need to earn to start paying your student loan back will be increasing in April.
The repayment threshold is going up from £25,725 to £26,575. This means you can earn almost a thousand pounds more a year before you start paying back on your student loan, and save about £100.
It's already common knowledge that most graduates won't pay back their full student loan, owing to impending ecological and societal collapse. However, this latest news is the silver lining to really distract us in the meantime.
Under the changes, if you were earning £30,000 a year, you'd pay back £308 a year instead of £384.
Nine per cent of earnings above the repayment threshold are paid back. You start repaying the April after you graduate, which is also when the rates of interest and repayment change.
For anybody who graduated before 2012: Firstly, why are you reading The Tab? Secondly, your threshold will go up from £18,935 to £19,390. You'll save maybe £50 a year if you're lucky.
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