Cuts to education may be regarded as counter-productive at times of upheaval, but it has been reported Ministers want to make savings on higher education in England at the next spending review. Higher Education Policy Institute (HEPI) has therefore published some new modelling commissioned from London Economics on various possible changes to student loans. The modelling focused on the undergraduate cohort of English-domiciled students commencing their studies in 2020/21 on either a full-time or part-time basis (as well as EU-domiciled students attending English higher education providers). This policy brief considers alternative parameters for English student loans, including: removing real interest; an increase in the repayment period; and reducing the repayment threshold. The first of these options would increase the cost to Government while the other two would reduce it.