Financial planners have said student loans will continue to be a burden for graduates and clearer guidance is needed after a Treasury Committee survey on student loans received tens of thousands of responses.
The survey on student loans received more than 52,000 responses, one of the highest response rates to a select committee call for evidence on record. Of the respondents, 49,357 had taken out student loans. Of these, 40,373 said that the financial impact of paying back their student loan had been worse than expected when combined with the level of tax. The survey also revealed repayments were expected to have a material impact on financial planning for the future for 34,555 respondents. ‘Effective tax drag' Connor Broadley chartered financial planner Alice Sanders said she was not...
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