Student Finance Update 2024: What’s Changed?
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June 10, 2024
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Every year the UK government adjusts Student Finance rules. In 2024, several key updates affect home students — including interest rates, repayment plans and maintenance support.
1. Lower Repayment Threshold
The new Plan 5 loan system sets a lower repayment threshold of £25,000 with repayment extended to 40 years to keep monthly payments lower.
2. Interest Rates & Inflation Cap
Interest is now linked to the Retail Price Index (RPI) plus 0% for 2024 graduates — making loans slightly cheaper over time.
“Smart students don’t just dream about degrees — they plan how to fund them.”
Mak Education
3. Maintenance Loan Increase
Home students can borrow slightly more for living expenses, with a 2.8% increase from 2023 figures.
4. Grants and Support for Disabled Students
Disabled Students’ Allowance remains available for extra costs linked to study needs.
Understanding Student Finance changes helps you budget and plan confidently for 2024.
Book a Free Consultation with MAK Education to get personal finance guidance.