Student Loans - The truth about fees, loans & grants
Ignore newspaper headlines about students leaving university with £50,000 of debt. That’s a mostly meaningless figure. What counts is how much you'll repay, for some that's far more, for others it's free.
Check out the guide by Money Saving Expert Martin Lewis written to bust common myths about student loans, grants and finance, including the 20+ key facts every potential student, parent and grandparent should know.
Read more about the 20+ student loans myth busting tips, including
- You don't need the cash to pay for uni
- Repay 9% of everything earned above £21k
- All remaining debt is wiped after 30 years
- Above-inflation interest will be charged
- The marketisation of uni hasn't worked
- Grants to be scrapped and replaced by loans
- Student loans DON'T go on your credit file
- Highest earners aren't the highest payers
- Think of loans like a 'graduate contribution'
- The loans should be counted as income
Don’t confuse the cost and the price tag - With headlines shouting about the £50,000 student debt and that getting bigger as living loans increase in 2016, it’s safe to say many students and parents are scared by this huge sum - and worry about how they'll ever repay it.
But in essence that fear is misplaced. That's because the price tag of university is mostly irrelevant. What matters in practical terms is how much you have to repay - and that's a completely separate number from the total amount of tuition fees, maintenance loan and interest, because it all depends on what you would pay.
What you repay solely depends on what you earn after university. In effect this is, financially at least, a 'no win, no fee' education. Those who earn a lot after graduating or leaving university will repay a lot. Those who don't gain too much financially from going to university will repay little or nothing.
To read all the detail Click Here to visit the Money Saving Expert Website.