Summary
Martin Lewis, a money-saving expert, advises that only high earners should consider making extra payments on student loans. BBC analysis shows that voluntary repayments on UK student Plan 2 loans have increased significantly. Many graduates, like Luke England, choose to make these payments despite concerns that it may not be beneficial for everyone.
Key Facts
- Martin Lewis recommends that only those with high incomes should make extra student loan payments.
- Voluntary repayments for Plan 2 loans rose from £141.7 million in 2017 to £491.1 million in 2025.
- Luke England voluntarily pays extra on his loan to pay it off faster.
- He started with about £19,500 in debt and now owes £16,800.
- Tuition fees in 2012 in England increased to £9,000 per year.
- The repayment threshold for Plan 2 loans is frozen at £29,385 from April 2027 for three years.
- The Institute for Fiscal Studies says changes to loan terms will increase repayments by around £16,000 for students who began courses in 2022.
