More than 120 MPs and peers have called for the government to conduct an urgent review of the system under which student loans are repaid. The letter read: “We write to you as a cross-party group of 121 MPs and peers to highlight a growing concern across the country: the compounding financial pressure on recent graduates and early career professionals due to the current structure of student loan repayments. “For many middle-income graduates, the combination of income tax, National Insurance and student loan repayments means they see less than half of any hard-earned pay rise. Last year, the then chancellor Rachael Reeves decided to freeze the Plan 2 student loan repayment threshold between 2027 and 2030. This means more people will be brought into having to make repayments on their student loans as wages increase.