The warning from the IFS comes as the threshold for repaying student loans is frozen this year.
Graduates in England face a "stealth" tax rise as the earnings threshold at which they start repaying student loans is to be frozen, researchers say.
She added: "This government has already confirmed that we will freeze maximum tuition fee caps again for the 2022-23 academic year, the fifth year in succession that we have held fee caps at current levels."The threshold is being kept at £27,295 per year, £2,274 a month, or £524 a week for 2022-23. Without the change, the threshold to start repaying loans would have risen by 4.6%.
He said: "This will be a further hit to the real incomes of these graduates on top of the rising cost of living, the freeze in the personal allowance, and the hike in National Insurance rates."
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