The reality about uni costs, loans & funds

Ignore paper headlines about pupils university that is leaving ?50,000 of debt. Which is mostly a figure that is meaningless. What truly matters is simply how much you are going to repay. For a few that’s much more, for other individuals it really is free.

This guide is created to bust typical urban myths about student education loans, funds and finance, like the 20+ key facts every prospective pupil, parent and grandparent ought to know.

Recently worried and graduated concerning the interest?

20 student education loans mythbusting recommendations, including.

• You do not need the bucks to fund uni
• Repay 9% of every thing acquired above ?25,725
• All debt that is remaining cleaned after three decades
• Above-inflation interest will be charged
• Watch out for the concealed parental share

• Due dates and exactly how to make use of for funding
• Funds are changed by loans
• Student loans DON’T carry on your credit history
• Think about loans like a ‘graduate contribution’
• Warning. Retrospective changes could be made

Would rather watch as opposed to read? See Martin’s movie below

Before we begin, I would exactly like to state:

For approximately a quarter of a hundred years, we have educated our youth into debt once they visit college, but never ever about financial obligation.

It had been because of this, and even though no fan of these, whenever massive modifications had been established to student finance for the people starting in 2012 or beyond – such as the trebling of tuition fees – We consented to head a student finance taskforce up. [Read more…]