Poorest graduates ‘will owe £53,000′ after grants cut

‘Students from the poorest backgrounds in England will graduate owing up to £53,000 after maintenance grants are replaced by loans, a think tank says.

Changes to student finance announced in the Budget will mean an initial £2bn annual saving for the government, says the Institute for Fiscal Studies (IFS).

But the IFS estimates only a quarter of these loans will be repaid and the long-term annual saving will be £270m.

The government says it is committed to “widening access in higher education”.’

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