MoneySavingExpert News

Student loan repayment rules to change next month - what you need to know

A new regulation which will see the repayment threshold for post-2012 student loans raised to 25,000/year and then increase annually in line with changes to average earnings will come into force next month.

The Government is making a number of amendments to how university leavers repay their loans, and while the key changes were first announced by the Prime Minister last October following a long-running MoneySavingExpert.com campaign, this week is the first time we've seen the detail of the plans as they will be set out in law.

The changes are laid out in what's known in parliamentary jargon as a 'statutory instrument', which allows regulations to be put into law without the need for an Act of Parliament to be passed. The deep breath Education (Student Loans) (Repayment) (Amendment) Regulations 2018 will officially come into law on 6 April.

For full help on how repayments work, see our Student Loans Mythbusting guide.

This is just one of many public service and utility price hikes due to hit:

- Stamps... first & second class will rise by 2p on 26 March buy early to save.
- Passports... online application costs go up by 3 from 27 March beat the hike.
- Prescriptions... climb to 8.80 on 1 April in England see cheap medicines help.
- Council tax... bills increase on 1 April, yet some overpay challenge your tax band.
- TV licences... standard licence costs will rise by 3.50 can you legally ditch yours?
- Water bills... are going up by an average 9 on 1 April cut your water bills.
- Dental charges... check-up costs will go up from 1 April can dental insurance help?

How are the student loan repayment rules changing?

Here's a summary of exactly what's happening from 6 April: