Students

Today is a revolutionary day. Of the 3.7 million holders of outstanding Student Loans Company loans – many in their 20s and 30s – 400,000 will see their interest rate go negative.

Three hundred thousand university hopefuls getting their A-Level results today face the prospect of graduating with over £23,000 debt, a new report reveals. Yet this misses the real crux for students: the difference between good and bad debt.

Hundreds of thousands of students are graduating this summer and now is the time to choose the best current account.

Halifax has told a student the maximum overdraft allowed in year one of studies is £1,750, though its adverts state a £3,000 limit.

Millions of graduates repaying their student loans will pay no interest from this September but not everyone will pay the negative interest rate expected.

Hundreds of thousands of graduates could find it harder to obtain a credit card, loan or mortgage if they continually fail to meet student loan repayments.