discussed the changes in student loans and, in the wake of how costly they have become, urged people to have a “deep breath and a serious, practical look at whether it is right or not, or if there are other better options.”
Lewis warned that while tuition fees are paid for you by the Student Loans Company and typically, the combined loan for tuition and maintenance can be over £60,000 by the end of a course, what actually counts is what you repay. However, these payments are only taken via the payroll, just like income tax and the debt doesn’t impact your credit rating.Students in England are eligible for a loan to help with living costs, known as a maintenance loan. However, according to Lewis, for most under-25s, this loan is dependant on family residual income which he states is often proxy for ‘parental income.’
“And this has got worse as the living loan has not been uprated close to the increase in inflation during the cost of living crisis .”He added that when students are deciding where to study, they should look at all the costs, transport, accommodation , as all of these things should be a key part of the decision.