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Tuition fee changes save £15,700.

Tuition fee changes save £15,700.

Raising the earnings threshold for repaying tuition fees in England could save individual students up to £15,700 over their working lives, says the Institute for Fiscal Studies.

The financial think tank has analysed the impact of changes to repayments announced by Prime Minister Theresa May at the weekend.

Students will pay back when they earn £25,000 per year, rather than £21,000.

The IFS says this change will cost the Treasury £2.3bn per year.

At the Conservative party conference, Mrs May announced changes to the student finance system, widely seen as an attempt to attract young voters.

 

These included cancelling an increase which would have taken fees above £9,500.

The IFS says this cap on fees will save students about £800 - and reduce costs to the government by about £0.3bn.

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