Martin Lewis: Urgent warning for savers as base rate held at 5.25%
21 September 2023
The guide is provided by MoneySavingExpert.com and Universities UK and is crucial reading for anyone considering going to uni in 2016.
Click the button to see each of the video and audio guides...
Filmed in front of parents and potential students at UCL, Jun 2011.
Created by the Independent Taskforce on Student Finance Information, see www.studentfinance2012.com
Feel free to pass to others and embed the video on your own site (sorry about the poor sound for the first minute).
Made by Bournemouth University in September 2011 for the Independent Taskforce on Student Finance Information.
Small things may have changed so check the PDF for up-to-date info. Feel free to pass to others and embed the video on your own site.
Edited for the Independent Taskforce on Student Finance Information from a Department of Business, Innovation and Skills video.
Listen to Martin explaining the changes on BBC Radio Five Live's Shelagh Fogarty show. Click on the player below to listen (13:15).
If you only read the newspapers, you’d believe all students were single 18-year-olds who have just got their A-level results, and are ready to spend three years in the student bar binge drinking.
Yet few of those stereotypes are true (though I’m sure some may still like the odd pint). Many at university are substantially older, have children or are financed independently. In fact, some universities now see mature students as the majority.
The size of tuition fees can be scary, but often, it’s not as frightening as it sounds. The repayments are solely based on earnings, not on the amount borrowed. It’s important you know the key facts.
There is a range of financial support out there for those wanting to go into higher education. This falls into two main categories – Government support and direct money from universities and colleges. The amounts available often depend on household income – which usually means your unearned income, and the taxable income of any partner that lives with you.
Student loans must be repaid when you have left the course and started work, and are earning over £21,000 – whereas grants and bursaries do not need to be repaid (unless you leave your course early in some circumstances). Students starting at English universities in 2015 could graduate with loans of anything up to £51,000 if they take both tuition fee loans and maintenance loans.
This is the crucial question and it's one of the many fears putting people off going to university – the ‘how will I afford to live with this debt?’ question. The answer is different for everyone, but the following three points should help clear it up.
Key questions answered include: 'If I want to do a distance learning course – can I get a living cost loan?', 'What happens if I lose my job or take a career break?' and 'How do those who are self-employed repay the debt?'.
A list of key contacts to help with all aspects of student finance.
Clever ways to calculate your finances