14/12/2012 by mcma
If you watch the news you’d assume that going to University was only for the well off. Well this myth was dispelled by Sophie Barrett-Kai of the Student Finance Tour, who gave an informative and entertaining explanation of Student Grants, Loans and Fees.
She explained at university there are two main costs – tuition fees and living costs. Also that the main types of financial help you can get are tuition fee and maintenance loans (which have to be paid back) and grants and bursaries (which don’t).
The tuition fee loan covers the fees students are charged each year of your course. It’s paid directly to the university. Maintenance loans are paid directly to students and cover living costs.
Sophie explained that with the generous repayment terms, anyone who goes to University won’t have to repay a penny of their tuition fee and maintenance loans until they earn over £21,000 a year. Then they pay back 9% of anything they earn over this to repay the loan. So if a graduate got a job paying £25,000, they would end up paying back £360 a year or £30.00 per month.
The talk definitely changed the Sixth Formers view of student debt and loans. One Sixth Former Keaton Vernon summed up feelings: “Before I was worried, but the talk has eased my fears”.