Student Finance Explained for Year 12 & 13

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13/11/2013 by sleach860

 

Many prospective students worry about the cost of higher education and are anxious about taking on what seems like a high level of debt.  However the talk by Amy Harvey of Student Finance England managed to ease these concerns.

Amy 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.

Amy 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.

Putting university finance into perspective, the sixth formers seemed reassured that worry about debt should not prevent them going to university.  Lewis Shanley added that Amy “explained it well”.

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