University grants and loans explained to sixth formers

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15/09/2014 by sleach860

The cost of higher education is a big worry to many prospective students. A presentation by Connor O’Brian of Student Finance England on Friday 12th September went a long way to allay these fears.

Connor explained the two main costs of university – tuition fees and living costs. He then went on to explain the main types of financial help you can get, tuition fee and maintenance loans (which have to be paid back) and bursaries and grants(which don’t).

Tuition fee loans cover yearly course fees which are paid directly to the university.   Maintenance loans are paid to students and cover living costs.

Connor 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 concern about debt should not prevent them going to university.

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