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By George Jones, Co-Deputy Opinions Editor Under the new ‘Plan 5’ student loan system, 60% of undergraduates are now predicted to repay their student loan in full. The cost of financing student loans is being pushed further onto students, but how? February 2022 saw the UK Department for Education a switch from a Plan 2 to Plan 5 student loan system, commencing on the first of August 2023 for new undergraduates.
By George Jones, Opinion Co-Deputy Editor As if university couldn’t get more expensive. February 2022 saw the UK Department for Education announce a switch from ‘Plan 2’ to ‘Plan 5’ student loans, commencing 1st August 2023 for new undergraduates. Consequently, this change introduces an alternative repayment system meaning those forecasted to graduate in 2026/2027 will pay 50% (to even 100%) more student loan than those under the old ‘Plan 2’.
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