England, away from home outside London. Each loan divided by the standard adult minimum wage (National Living Wage) in force that academic year – how many hours a student would have to work at the wage floor to match it. Because the minimum wage has been pushed up toward two-thirds of median pay, every line falls: the loan buys less and less low-paid work.
Source: loan values as previously derived (DfE/SLC max loan; family loans from earnings-grown income through the means-test taper). Minimum wage = National Living Wage main adult rate at the start of each academic year (April rate; £7.20 in 2016 rising to £12.71 in April 2026; 2027–2030 projected at ~3.5%/yr). One hour = one hour of paid work at that rate; illustrative.