Five million people. Mis-sold. Confirmed by MPs, not campaigners.
The Treasury Select Committee has just found that the way student loans were sold to a generation amounted to mis-selling in three separate ways, including comparing monthly repayments to a phone contract and never properly disclosing that the terms could be rewritten after you'd signed up. Try that with a bank loan and you'd have the FCA on the phone within a week. Try it with a government loan and there's no compensation scheme, because the small print means none of the usual consumer protections apply.
The mis-sold loans amount to more than £200bn. And last year's Budget froze the repayment threshold for three more years, on top of everything else.
If you took out a student loan and didn't know the terms could change, you weren't missing something. You were never told.
Did you know this when you signed up? Genuinely want to know, comment below.
This is educational content, not financial advice. Capital at risk. Speak to a regulated adviser before making financial decisions.
Sources: Treasury Select Committee report, 7 July 2026; Dame Meg Hillier, TSC chair; Department for Education and Student Loans Company evidence to the inquiry.