The cost of University

The cost of University

The cost of University How much will you repay? Tuition fees first introduced in the UK in 1998 Check gov.uk for the latest information KEY POINTS Amounts you repay change on 6 April every year. You stop paying if your income drops below the threshold The earliest you start repaying is when your income is over 480 a week or 2,083 a month (before tax

and other deductions) -- first April after you leave your course Note always check gov.uk for the latest figures and interest rates You need to pay back: Tuition Fee Loans Maintenance Loans You do not need to pay back other student finance, for example grants and bursaries, unless youve been paid too much. You still have to repay your student loan if you leave your course early.

When you DO NOT PAY If you earn less than 24996* =480 week or =2083 National Minimum Wage 7.83 week x 37 hr = 289 or 15064 per annum Note all figures are rounded up/down Example 1

Paid Weekly Income 600 Minus THRESHOLD 480 Difference 120 You pay 9% of 120 = 10 Your wage minus YOU HAVE 600

10 590 NOTE You still have TAX and NI to pay Example 2 Paid Monthly Income 2400 Minus THRESHOLD Difference 317

2083 You pay 9% of 317 = 28 Your wage 2400 minus 28 YOU HAVE 2372 NOTE You still have TAX and NI to pay

Current interest rates Your annual income Interest rate 25,000 or less RPI (currently 3.3%) 25,000 to 45,000

RPI (currently 3.3%), plus up to 3% Over 45,000 RPI (currently 3.3%), plus 3% Your repayments will be taken out of your salary at the same time as tax and National Insurance if youre an employee. Your payslips will show how much has been deducted.

NB keep your payslips OTHER FACTORS TO CONSIDER Value for money number of taught hours League Tables (with caution) Employability / destinations /graduate prospects Job prospects in the job sector Average salaries What other jobs do people do with this degree YOU ARE THE CUSTOMER

Value for money What do you get for your money? Number of taught hours Any financial support from the University specific courses / your personal circumstances etc. What is the average degree awarded many jobs require 2.1 City, small town or campus living costs chance of getting a part time job Cost of travel to your home

Salaries National Careers Service Employability / destinations /graduate prospects https://luminate.prosp ects.ac.uk/what-do-gra duates-do https://www.hecsu.ac. uk/assets/assets/docu ments/What_do_gradu

ates_do_2017(1).pdf Student Voice best value courses TheKnowledgeAcademy.com has analysed the latest findings from Higher Education Policy Institute, who surveyed 14,046 full-time students to discover which university subjects/courses have the best value for money. https://www.cosmopolitan.com/uk/worklife/campus/a 23449601/best-university-courses-value-for-money/

Other jobs with this degree Business Many businesses recruit graduates from any discipline What can I do with ..? Main sites Prospects.ac.uk Kent.ac.uk Professional body

NOW The final decision is YOURS

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