{"id":216165,"date":"2022-02-24T14:50:39","date_gmt":"2022-02-24T14:50:39","guid":{"rendered":"https:\/\/omni48.com\/news\/student-loan-changes-will-hit-lower-earners-hardest-experts-warn"},"modified":"2022-02-24T14:50:39","modified_gmt":"2022-02-24T14:50:39","slug":"student-loan-changes-will-hit-lower-earners-hardest-experts-warn","status":"publish","type":"post","link":"https:\/\/omni48.com\/news\/student-loan-changes-will-hit-lower-earners-hardest-experts-warn","title":{"rendered":"Student loan changes will hit lower earners hardest, experts warn"},"content":{"rendered":"<p>Changes to student loan payments will hit lower-earning graduates hardest, experts have warned. Ben Waltmann, senior research economist at the Institute for Fiscal Studies (IFS) said changes which will see graduates start paying their loan back over a salary threshold of &#163;25,000 from September 2023, will benefit high-earning graduates while increasing the cost of loans for lower earners. Loan balances will now only be written off 40 years after repayments start, whereas currently graduates pay back over 30 years. &#8220;These changes will transform the student loans system,&#8221; Mr Waltmann said. &#8220;While under the current system, only around a quarter can expect to repay their loans in full, more than 60% can expect to repay under the new system,&#8221; he added. He said this is partly due &#8220;to substantially higher lifetime repayments by students with low and middling earnings&#8221;, while the benefit of the changes to the taxpayer would be &#8220;modest&#8221; &#8211; with around &#163;1 billion per cohort of university entrants.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Changes to student loan payments will hit lower-earning graduates hardest, experts have warned.Ben Waltmann, senior research economist at the Institute for Fiscal Studies (IFS) said changes which will see graduates<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[177,27,96,31],"class_list":["post-216165","post","type-post","status-publish","format-standard","hentry","category-news","tag-colleges","tag-economy","tag-education","tag-personal-finance"],"acf":[],"_links":{"self":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/216165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/comments?post=216165"}],"version-history":[{"count":0,"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/216165\/revisions"}],"wp:attachment":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/media?parent=216165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/categories?post=216165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/tags?post=216165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}