Money saving expert Martin Lewis has warned students of changes to university loans.
Speaking on Good Morning Britain he told viewers of the new rules that come into place this coming September. Martin said people on Plan 5 loans can expect to pay more back over their life time compared to previous students.
He also said it does not affect all those who have already been to university or are currently there.
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He said: "So there are three main changes coming in for new starters in England in September. If you're already at university, this does not apply - you remain on the Plan 2 loans.
"These are called Plan 5 loans. Now, the three big changes: two are negative for students but good for the taxpayer, one could argue.
"So that's the balance. It's about whether we swing the pendulum towards the taxpayer paying or towards the individual paying.
"And this is certainly moving it towards the individual playing. The first one is for new students, they will start repaying their student loans when they earn above £25,000.
"That's lower than the current threshold, which means you'll pay, on the same income, you'll pay more back each year. The really big change is currently you stop repaying the loan after either you've paid it all off, which most don't. or 30 years.
"It will now be 40 years. Which means for all intents and purposes, the vast majority of students will, well graduates, will be repaying their loans their entire working lives.
"It effectively becomes a form of graduation tax. The third change is the interest rate, which is currently above inflation, RPI plus 3%, will be lowered. So it's just inflation. which mean in real terms you don't pay any added interest. I won't bother explaining, that's complicated.
"But this is the stat that people need to understand. Currently, on the current system, the state pays 44p in the pound and the student pays 56p in the pound on average.
"Under the new system, the state will pay 19p in the pound and the student or the graduate will pay 81p in the pound on average. No won my calculations, what this means is, in truth, many graduates will pay double under the new system, what they do under the current system.
"We are basically moving money out of the taxpayer funding education and the individual will contribute a lot more, which is what will work in practice, as a 9% graduate tax above earnings of £25,000 for 40 years for most people."
You can find out more information about the Plan 5 loans visit the government website.
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