'I'm 18 and I've saved enough to avoid taking out a student loan by working since I was 16'

“Student loans are good in that they provide funds for people to study, but there should be more leniency on the interest rate – that should be lower – and there needs to be more support for specific jobs,” says Andrew Turbayevsky 🖋️ CallumCMason

Interest on new student loans is tied to Retail Prices Index inflation – lower than for current borrowers, which can be up to RPI and an additional 3 per cent – which is currently over 11 per cent.

But he also thinks the Government needs to change its approach to student loans, to help those who are not able to do what he is. Borrowers will not be chased for the debt if they never earn over the threshold, but the repayments do decrease their spending power. For example, someone earning an average salary of £33,000 a year would make £720 of annual loan repayments on current terms, decreasing their chance of saving for things like a house deposit.

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