At first it was predicted that most courses would cost around £6,000, but now over a third of English universities will charge the full £9,000 per year – currently just under the cost of a typical 3-year course – as a standard fee.
If the prospect of paying so much has left you thinking you can’t afford to go to university, don’t think too quickly. Whatever your worry, this quick guide to the changes and what they mean for you may prove that you can!
£9000 is a lot of money – I simply can’t afford to go to uni now.
As with the current system, tuition fees will not have to be paid back until after graduation whatever your background.
But what if I can’t find a job?
Don’t worry, the good news is you won’t have to pay a penny back until you’re earning over £21,000, and will still only be 9% of anything you earn over this threshold (i.e. not 9% of your entire income). Not only has this figure risen from the current £15,000, but it will continue to rise with inflation.
This means that you will in fact be paying back less each month, with most graduates paying £45 less than current students face – that means you could be £540 better off each year!
That amount of debt will take ages to pay off – I don’t want to be in debt for the rest of life!
Once again, the system hasn’t changed – after 30 years the debt gets completely written off, regardless of how much you’ve paid back.
So how much more debt can I really expect?
According to government predictions, the lowest earning 25% of graduates will pay back less than they currently do, while it is estimated that the top-earning graduates will pay back around double the current figure.
It still seems a lot of money, especially when living costs are taken into account.
There’s more good news for students from lower income households: any university that charges £6,000 has to provide incentives such as bigger bursaries and maintenance grants for students like you, meaning you could actually receive more financial help than before.
Part-time and distance learning students also benefit, with student loans being available to them for the first time. Just like normal loans, they will not have to be paid back until after graduation. Some students may even receive two years free – one funded by the university, the other by the state.
Are you put off by the fees? How have they affected your decisions? Let us know in the box below.