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Higher Education Update
24 February 2022
Type
Written Ministerial Statement
Department
Department for Education
At a Glance
Issue Summary
The statement outlines proposed reforms to the UK's higher education sector, including consultations on lifelong loan entitlement and higher education reform.
Action Requested
The government is launching two consultations: one on the Lifelong Loan Entitlement, which provides £37,000 for post-18 education over a lifetime; and another on higher education reforms to improve quality and standards. The statement also announces reductions in student loan interest rates and tuition fee caps, and investments of nearly £900 million over three years.
Key Facts
- The Lifelong Loan Entitlement will provide £37,000 for post-18 education.
- Interest rates on new student loans starting academic year 2023/24 will be reduced to inflation only.
- Tuition fee caps will remain at £9,250 until academic year 2024/25.
- A repayment threshold of £25,000 for new borrowers starting in September 2023.
- The government is investing almost £900 million over the next three years in higher education.
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