Is it worth getting a student loan?
Last Modified 16th of February 2021
The amount students are paying for university now is in the realms of outrageous, as student fees have gone up threefold within the decade.
In fact, the estimated amount any average student should expect to pay for their fees, maintenance loan and living expenses is around £50,000 to £60,000.
The government have capped the amount public universities can charge for their courses to £9000 a year which is still an astounding amount given that four or five years ago the capped amount was only a third of that.
Obviously the majority of English universities jumped at the chance of charging their students the absolute maximum for their higher education meaning there will be a generation of students in levels of unprecedented debt before they even step in to working life.
Obviously no student will have to pay their fees upfront; the Student Loans Company pays the fees straight to the university and you will only have to start paying them back once you have started working in a professional role. A student loan is probably the best loan you will ever receive in your life as you are only paying around 9% on the whole amount. You will also never be hounded for the debts and your repayments only start when you are earning in excess of £21,000 a year. You don’t even have to set up your payments; they will come directly from your wage using your National Insurance information. If you ever lose your job or find yourself earning lower than the amount, your repayments will stop.
You should look at the money you pay for your university as an investment in yourself which is all the more reason to get the most out of the time you have in an institute of higher learning.