The Student Room Group

Plan 5 student loan changes - why is no-one talking about it?

Since it seems like a quite bit shakeup to student loans I'm confused as to how I haven't been able to find any sites or articles breaking the changes down, especially since it will apply to potential Sep 2023 students like myself and was announced all the way back in February. Even Martin Lewis doesn't seem to have updated his calculators to reflect these changes, and the only real reference to Plan 5 is the government website itself and press releases. From what I can gather based on these, it seems there are two main changes compared to the previous Plan 2 (for English students):

- The repayment threshold (amount you can earn before you start paying) has been decreased from £27,295 to £25,000
- The debt is now wiped off after 40 years instead of 30

Can anyone confirm whether I'm right about these changes? And if so, why does it seem like everyone has been so quiet about them considering they're so significant?
(edited 1 year ago)
Original post by The_Architect
Since it seems like a quite bit shakeup to student loans I'm confused as to how I haven't been able to find any sites or articles breaking the changes down, especially since it will apply to potential Sep 2023 students like myself and was announced all the way back in February. Even Martin Lewis doesn't seem to have updated his calculators to reflect these changes, and the only real reference to Plan 5 is the government website itself and press releases. From what I can gather based on these, it seems there are two main changes compared to the previous Plan 2 (for English students):

- The repayment threshold (amount you can earn before you start paying) has been decreased from £27,295 to £25,000
- The debt is now wiped off after 40 years instead of 30

Can anyone confirm whether I'm right about these changes? And if so, why does it seem like everyone has been so quiet about them considering they're so significant?

1) Yes, correct.
2) This topic has been discussed on TSR before. If you want to start a conversation about it, then why not start a new thread in educational debate?
SFE haven’t published their regulatory information yet on how it will work.

That’s why it’s all quiet.

Normally new applications open in feb/march but SFE have stated on TSR that they won’t open until April this year - presumably because they need more time to get everything set up.
Original post by Reality Check
1) Yes, correct.
2) This topic has been discussed on TSR before. If you want to start a conversation about it, then why not start a new thread in educational debate?


I'm pretty sure I just did.

Original post by PQ
SFE haven’t published their regulatory information yet on how it will work.

That’s why it’s all quiet.

Normally new applications open in feb/march but SFE have stated on TSR that they won’t open until April this year - presumably because they need more time to get everything set up.


Can't rep, sorry. So it will definitely be applying to this year, even if most students have already applied without knowing about the changes?
(edited 1 year ago)
Original post by The_Architect
I'm pretty sure I just did.

Yes, quite! :smile:
One more reason not to go to university :smile:
Original post by Thisismyunitsr
One more reason not to go to university :smile:


Is that based on my personal situation from my other thread or just general advice because you're some sort of anti-uni crusader? Cause rn I'm in a very precarious place decision-wise and I just might end up giving up at this rate. :lol:
Original post by The_Architect
Is that based on my personal situation from my other thread or just general advice because you're some sort of anti-uni crusader? Cause rn I'm in a very precarious place decision-wise and I just might end up giving up at this rate. :lol:

I have not seen your other thread. Giving up may not be the worst of ideas, especially if you have an alternative option.
Original post by The_Architect
Is that based on my personal situation from my other thread or just general advice because you're some sort of anti-uni crusader? Cause rn I'm in a very precarious place decision-wise and I just might end up giving up at this rate. :lol:

the latter just fyi
The changes seem quite reasonable to me.
Original post by Apachecow
The changes seem quite reasonable to me.


They might have been reasonable if anyone knew about them, and you can argue the drop in threshold is not huge although still a problem during a cost-of-living crisis, but another 10 years of payments added? That massively changes the amount a lot of people will have to pay over their lifetimes, so to sneak it in the way it has been before everyone's been properly informed about it? Definitely not reasonable.
(edited 1 year ago)

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