Update Tue 21 Jan: In December, the Government announced that paper statements will be replaced by an online student loans service – an attempt to modernise the repayment system and provide students and graduates with current information about their loans. However, the Government is yet to confirm whether it will change the way in which student loan statements are presented as part of the new online service.

A new report out today shows that thousands of students, graduates and parents have given a radical redesign of the statement an unequivocal seal of approval.

MoneySavingExpert and the Russell Group, which represents 24 UK universities, ripped up the existing statement and launched an alternative in February, the latest version of which can be seen here.

This has been tested by nearly 6,000 people, and following the results, we and the Russell Group are urgently calling on the Government and the Student Loans Company (SLC) to look at using our new statement as a basis from which to redesign the official version.

At the moment, graduates are sent an annual student loan statement from the SLC, telling them of their outstanding 'debt' and the interest being added.

See our Student Loans Mythbusting guide for more help understanding your loan.