Government promises review of student loans repayment system

20 Jan 2020

The government has vowed to undertake a revamp of the current student loans repayment system.

From April 2020, graduates will only be required to start paying back their loan if they earn over £26,575 per year.

In a move designed to modernise the system, the government intends to introduce a new online repayment service, which will provide graduates with 'up-to-date balance information'.

Graduates are also being urged to switch from salary deductions to direct debit towards the end of their loan in order to prevent them from over-paying.

Commenting on the review, Chris Skidmore, Universities Minister, said: 'With more and more people enjoying the benefits of a university education, it's only right that graduates have easy access to the information they need about repaying their student loan.

'I urge all graduates to use this new service and to join the direct debit scheme as they approach the end of their loan to ensure a smooth end and not repay more than they should.'


xero quickbooks.png sage.png kashflow.png
Copyright

© 2021 Mark J Rees LLP. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
0116 2549018

Address
Mark J Rees LLP, Granville Hall, Granville Road, Leicester, Leicestershire LE1 7RU

Mark J Rees LLP is a Limited Liability Partnership Registered in England & Wales Number OC362074. A list of members’ names is available at the business address. MJR, Mark J Rees and MJR Wealth Management are trading styles of Mark J Rees LLP which is registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales and authorised and regulated by the Financial Conduct Authority.

‘Partner’ refers to a director of a corporate member.