Student loan changes

What’s changing for student finance in England 2023?

You might be asking yourself, has student finance changed? The answer is yes. There have recently been three changes to student finance England. If you are hoping to start university from September 2023, it is important to read up on the changes to student loans in England.

At Host, we have looked in to the new student loan changes and have outlined what we believe you should take extra note of before you start your university chapter.

student finance England

So, what are the proposed changes to student loans in England?

1. Start repaying sooner.

The amount you have to earn before repaying your loan has lowered.

Students in England were originally only meant to start repaying loans from Student Finance England when they start earning over £27,295 per year. This amount has lowered by £2,295 to £25,000. This means students starting their studies from September 2023 that earn over £25,000 per year after graduating have to start repaying their loans. The likelihood is that graduates will start to pay off their student loan’s earlier in their careers. If you find that you earn lower than this new threshold when you graduate, you won’t be expected to start paying back. Although those earning over £25,000 will be paying back their student finance. The higher you earn the more you pay off and faster.

Find out more from about repaying your student loan.

2. Paying off for longer.

Post-grads will have to pay off their student loans for 40 years.

The existing period to pay off a student loan in England was 30 years from the year of graduation. This means if you have yet to pay off your entire loan in 30 years of graduating, the debt is wiped clean. This period has increased by ten years.

Students from England starting uni from September 2023 will now have to pay off their loans for up to a maximum of 40 years. Paying off for an extra ten years likely means you’ll be paying most of your working life. This extension could see low and mid-earners paying for longer whereas the highest earners will likely be able to pay off within the 30 years and will be less impacted.

Are you ready to apply for your student loan? Learn how your parent’s income can effect your loan.

3. Lower interest rates.

Interest rates for new students will be lowered in-line with inflation.

For current students and graduates, the student loan interest rates are above inflation (RPI +3%).  Interest rates will be checked so they match the Retail Price Index (RPI) a measure of inflation that tracks the cost of everyday items. If you never earn over £25,000 per year after graduating, you’ll never have to pay back your loan so this won’t affect you.

Martin Lewis from Money Saving Expert explained recently when talking about the current higher and further education system that the state pays 40p in the pound whilst the student pays around 56p. When we switch over to the new system in September, the state will be paying 19p in the pound, and the student will be paying 81p. The graduate tax will mean 9% for those earning over £25,000 per year.

Learn more about student loan repayments from the expert himself, Martin Lewis.

Some news about tuition fees…

  • What universities charge for their education won’t rise until at least 2025/2026.
  • Wales have capped their highest fee at £9,000 per year while England have capped theirs at £9,250.
  • Universities tend to charge the maximum price they can, so don’t be surprised if you fees are at the max levels.

Has this reminded you to finish your student finance application? You can find the Student Finance login here.

choosing student finance in England

What impact will the student finance changes have on those attending university from September 2023?

Graduates will be paying more of their loans off, moving the funding from taxpayers and these changes could have a long-term effect on students.

For those that rely on student finance to attend university, you could paying back for longer.

Although the changes seem off-putting to some, it is still important to consider university if it is the right option for you. According to,  working-age graduates earned £10,000 more than non-graduates and had higher employment rates.

Worried about affording university or finding all too much to get your head around? You are not alone. UCAS have excellent undergraduate student support for you utilise.

student accommodation en suite room

Have you already applied for your student loan and now looking at accommodation options?

Host offer hassle-free, all-inclusive student accommodation and provide students with a welcoming, reassuring and stress-free experience at university or college.

We provide award-winning services our students have become accustomed to. And our management and staff always strive to exceed the exceptional quality accommodation and service we offer; building on the good reputation we’ve earned over the past 25+ years.

Look inside any of our properties and you’ll discover a comfortable, stylish and safe place to live. Somewhere welcoming and supportive. Happy and relaxed. A place to make the most of being a student. A home.

Getting serious about the environment we live in.

To become more ‘environmentally friendly’, Host is launching the #HostEnvironmentalPledge campaign to encourage responsible behaviour and drive sustainability across our sites throughout the UK and Ireland.

It’s a simple campaign! For every percent we reduce our overall utilities (electric, water and gas) consumption by we donate to one of our nominated charities.

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