Consultation on new-style student loans statement

The Russell Group of universities has teamed up with MoneySavingExpert.com (MSE) to pilot a proposed redesign of the student loan statement.

Currently graduates receive a statement showing their total nominal ‘debt’, based on the loans they took for tuition and maintenance at university, and the interest added over time. However, the current statement does not provide any information about the amount graduates are likely to repay in reality, and this can often be lower than the total ‘debt’ figure. This is because repayments are made in line with graduate earnings and written off after thirty years.

The proposed new statement will provide students with better information about what they can actually expect to pay back and we hope this will help improve understanding about the costs of higher education. We are calling on parents, students, graduates, and the higher education sector to test the design and give feedback, before we submit the final proposal to Ministers at the Department for Education.

The consultation closes on Tuesday 12th March.

Click here to take part in a short survey on the new design.