It is widely accepted nowadays that the best way for a student to secure a career which is both enjoyable and well-paid is by first gaining a degree. A lot of students are now reconsidering attending university though since the confirmation that tuition fees will rise dramatically in 2012. Although fees are set to rise substantially, it will not have a great effect on students whilst at university or during their working life after they have graduated. This is because of both repayment terms and the amount of financial support students are entitled to whilst studying.
Everyone is now aware that starting in the 2012-2013 university year, universities will be able to charge up to 9000 per year per, per student for tuition fees. Although the fees are increasing a great deal, the process will remain the same in that students will still apply for a full student loan to pay for their tuition fees and a maintenance loan to help with living costs whilst studying. These loans will also not have to be repaid at all until the student is earning over 15,000 per year.
Once students do reach the 15,000 threshold they will begin paying back nine per cent of whatever they earn over the threshold. For example if someone is earning 20,000 per year, they will repay nine per cent of 5000 in that year which is a relatively low 450. This amount also remains the same regardless of whether the student’s debt is 3000 or 20,000.
On top of the student loans students are entitled to there is also a maintenance grant which is to help students with living costs whilst at university. Maintenance grants are separate to student and maintenance loans and do not have to be repaid after the student has finished university.
Depending on a student’s circumstances, they may also be entitled to a bursary which is like the maintenance grant, a non-repayable amount paid into their bank account. Most universities will automatically let students know they are entitled to a bursary and pay it when it is due.
Seek debt advice and it could go a long way to solving your problems.
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Tags: Debt, student debt, student debt advice, student fiances, tuition fees