Sunday 14 November 2021 10:57 AM UTC
LONDON Nov 14: Student loans will have to be repaid back faster, under new government plans to make an extra £2.5billion a year, Daily Mail reports.
Presently, student loans only have to be paid back if graduates earn £27,295 annually.
But, under new plans, the salary threshold could decrease to £22,000 and force those on average incomes to pay an extra £475 to the Treasury per year.
Number 10, the Treasury and the Department for Education are said to be in agreement that the threshold should be dropped to either £22,000 or £25,000.
Lowering it to £25,000 would save the Treasury around £1.1billion for each new year of students whereas £22,000 would save £2.5billion.
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