TV personal finance expert Martin Lewis has issued a warning to A-level students planning to enter higher education this September.
A significant change to the rules surrounding student loans coming into effect this year means that future graduates will be required to start paying the money back once they begin earning salaries of more than £25,000, down from the current £27,295.
On the latest episode of his BBC podcast, the consumer guru took a call from a prospective student named Pierre wondering whether he should use his own savings to pay for his tuition fees, accommodation and expenses or apply for a loan to cover it, as is more typical.
Mr Lewis answered: “There are seismic changes coming to English universities funding this September for new starters only – those already at university, this does not apply to. And those changes will, for most people, substantially increase the amount that you pay for your higher education.
