...and students are set to save £360 per year

HUNDREDS of thousands of graduates will save up to £360 a year after the threshold for student loan repayments was raised by £4,000.

From today, workers can earn £25,000 before repaying their loans – up from £21,000.

And it means everyone with a salary above £25,000 will now pay less every month.

Because debts are wiped after 30 years, and most people will never repay the full loan amount, the majority will now pay back much less over their lifetime.

The changes, applying to anyone who has taken out a post2012 undergraduate loan, will benefit 600,000 this year.