Millions of graduates will soon have to repay much more of their loans than they were initially told after the Government secretly backtracked on a promise – a move MoneySavingExpert.com founder Martin Lewis has branded "a disgrace".

Currently, students in England who started university from 2012 will pay 9% of everything earned above £21,000 a year (or £1,750/month pre-tax salary) once they graduate. See our Student Loans Mythbusting guide for the full information.

In 2010, the Government promised that from April 2017 this repayment threshold would be upped each year in line with average earnings. This meant graduates would have been spared having to repay more of their income towards their student loans, and fewer would have had to start repaying them in the first place.

It has now backtracked on the promise given to students, effectively hiking costs retrospectively. A move that, according to the Government, will mean more than two million graduates will end up paying £306 more each year by 2020-21 if they earn over £21,000.

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