"The student finance system represents a fair system of loans and grants to support all students to achieve their potential at university and, what's more, the average graduate will be around £500 per year better off under the new system thanks to the lower level of repayments they have to make.

"When you look into the details I think you'll find that whilst there is a lot of money involved in going to university, it still makes financial sense for a lot of people, because the earning potential of graduates, on average, still outstrips that of people without a university education.

"Graduates are only eligible to repay if they are in work and earning over £21,000 a year. If you're not earning over £21,000 you're not repaying and, what's more, any money that you haven't repaid within the 30-year term of the loan is written off. If anyone is aware of any commercial finance that's available on similar terms I'd love to hear from them!

"Student Finance Day is an excellent opportunity to get the message across to students and parents that if you want to go to university you can. It's a great way of letting people know what financial help is out there and how they can take advantage of it."

"Many students, especially from lower income families, are unnecessarily being put off. We need to ensure they understand how it really works so they can make an informed decision.

"We want to help with the great work I know is already happening in many schools to try and explain what the changes will mean and how they'll work. As part of this we've picked a day to try and focus the attention, and that will see schools, colleges, universities and money advisors all work together to make things happen."