Higher education minister Bill Rammell announced today that potential students will be able to apply for loans that should be clearer, faster and more accurate.
“The student finance service needs to be as simple and accessible as possible to students, parents and graduates,” said the minister.
It will not change the current repayment level whereby deductions for the loan are made once a graduate is earning over Â£15,000.
However, reforms will include integrating repayments, better information, online applications and services that will allow both students and parents to have a better grasp of their finances.
By becoming more straightforward the new student loan system should help students understand their financial situation better and hopefully help them steer clear of taking on even more debt.