Published On: Mon, Oct 28th, 2019

Martin Lewis explains ‘horrendous’ student loan statements | Personal Finance | Finance


“If you earn less than that, you repay nothing. The more you earn, the more you repay.

“In effect it works like a nine percent additional tax.”

He added: “So whether you borrow £20,000, whether you borrow £50,000, you can’t but whether you’d borrowed £3 million, if you earn £1,000 over that threshold, you repay nine percent of it which is £90. That’s how it works.”

Mr Lewis added that the only thing that affects the amount one owes is whether they repay the student loan within the 30 years or not.



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