Keele University Fees
Universities in the UK can now charge students up to £9,000 a year for tuition fees (2016-17). For more details please see UK & EU Students – Undergraduate Tuition Fees.
However, this does not need to be paid up front as students can take out a loan to cover the cost, which they won’t pay back until they have graduated and started to earn over £21,000 a year.
Student’s today may pay back less each month than those under the previous fee system, and may end up not paying anything back at all!
Tuition fee loans are provided by Student Finance England, and are paid directly to the university your child is attending. Tuition Fee loans will therefore never enter your child’s bank account.
There are a number of reasons why student loans are a better system of borrowing than taking out a loan to cover the costs yourself:
- Student loans don’t go on credit files.
- Student loan repayments are proportionate to income (9% of anything you earn over £21,000)
- If you lose your job or take time off, so you’ve no income, you don’t need to repay student loans.
- Student loans don’t employ debt collectors and won’t chase you.
- You can’t lose your house or belongings if your student loans aren’t repaid (unlike secured debts).
- After 30 years, any outstanding debt is written off.
Example of repayments:
Graduate 1 earns £22,000 a year:
- He earns £1,000 over the £21,000 limit.
- 9% of £1,000 is £90
- Graduate 1 would pay back £90 a year.
Graduate 2 earns £31,000 a year:
- She earns £10,000 over the £21,000 limit.
- 9% of £10,000 is £900
- Graduate 2 would pay back £900 a year.
The deadline for Student Finance applications is 30th May 2015 and students can apply before they have received or accepted offers, as long as they have submitted their UCAS application form.
To start an application with Student Finance England go to: https://www.gov.uk/apply-for-student-finance