The facts about uni costs, loans & funds
Ignore paper headlines about pupils university that is leaving ?50,000 of financial obligation. That is mostly a meaningless figure. What truly matters is just how much you are going to repay. For a few that’s much more, for other people it really is free.
This guide is written to bust common fables about figuratively speaking, funds and finance, like the 20+ key facts every student that is potential parent and grandparent ought to know.
Recently graduated and stressed concerning the interest?
20 student education loans mythbusting guidelines, including.
- You do not need the money to cover uni
- Repay 9% of every thing attained above ?25,725
- All remaining financial obligation is cleaned after three decades
- Above-inflation interest shall be charged
- Watch out for the concealed parental share
- Due dates and just how to utilize for funding
- Grants have already been changed by loans
- Student education loans DON’T continue your credit report
- Think about loans such as for instance a ‘graduate share’
- Warning. Retrospective modifications can be made
Would like to watch as opposed to read? See Martin’s video below
Before we begin, we’d exactly like to express:
For approximately one fourth of a century, we have educated our youth into debt if they visit university, but never ever about financial obligation.
It absolutely was this is exactly why, even though no fan of these, whenever massive modifications had been established to student finance for all those beginning in 2012 or beyond – like the trebling of tuition fees – We consented to go up students finance taskforce. The concept would be to use the nationwide Union of pupils, universities and universities to make certain we busted the urban myths and misunderstandings that lead from plenty spittle-flying that is political.
For me personally, just what actually matters is the fact that no pupil is wrongly defer likely to college reasoning they cannot pay for it.