Cost of University course

silvercar

Max tuition fee is £9,250. Minimum student loan for those from households with income over ~58k is £3516. Studying for 3 years would give a total student loan of £38,298 (England).  Doing interest accrued while still studying the total will be near £42k.

The current RPI for student loan calculations is 1.5%, so on £42k that would be £630. So anyone earning £32k would have student loan repayments that would cover the interest and the debt wouldn’t grow. 

Taking the above posters 40k earning example, repayments would be £112.50 a month, £1350 a year and be gradually eating into the loan amount. 

Bizzywizard

Has you son considered doing an apprentership at an accountants/council, as they earn while they learn? We are looking at all roots....my daughter is 4 years away from uni, but the uni cost is something and as much as others say don't worry about it, as a parent you have no idea how much the maintence loan will really cost you until the letter arrives from the uni, which is a pretty rubbish system. I have 2 kids, but they never consider the size of the family. Its really starting to do my head in and I'm years away!

I am currently doing the 'help to save' £50 a month government scheme, so when she does go to uni, she can have that money plus the extra money, think its an extra £1200 on top for her.