Fees and Funding for Undergraduates

There’s been a lot of talk about the increase in tuition fees for courses starting in September 2012. Universities can now charge UK/EU students up to £9,000 a year for all undergraduate courses. This is to make up for the Government’s 80% cut in grant funding for Higher Education teaching.

Whilst fees have increased, it’s important to remember that you or your parents won’t have to repay anything now – the Government is providing loans to cover tuition fees. You start to pay them back once you graduate from university and only when you are earning over £21,000.

Repayments will be 9% of any income earned above £21,000, so the amount you pay each month will depend on how much you are earning at the time. The repayments for these loans will start in April following graduation. Interest on the loans will be at Retail Price Index + 3% during studies and then from the April following graduation will range from RPI to RPI +3% varying with earnings.