The income threshold at which graduates must start repaying their tuition fee loans could be increased to £30,000 later this year.
Minister Daphne Caine was responding to a written question from Onchan member Rob Callister, who asked what consideration had been given to raising the annual earnings level.
The current threshold stands at £25,000, but Mrs Caine noted that when new regulations were passed by Tynwald, the department said it would review that figure.
She has now indicated that a change is likely to be brought forward, subject to the necessary approvals.
“It is envisaged that, subject to budget and the relevant approvals, an uplift to the income threshold for loan repayments will be included in the amendments to the regulations later this year.”
Mrs Caine added that the department wants to ensure any policy changes are balanced.
“The aim of the department is to ensure that any changes to the policy are fair and take into account the financial realities faced by graduates entering the workforce.”
In a separate response to Mr Callister, the minister confirmed there are no plans to lower the interest rate cap on student loans. The current cap stands at 3.5 per cent.