Student Loans Decoded: An Insight Into University Costs
If you’re a prospective applicant for a university, or a parent of student who’s considering one as part of their Further Education, it’s important for you to understand about student loans and the hidden financial implications of going to university. Martin Lewis has published a new guide, ‘Student Loans: Decoded’, that aims to educate people on the impact of higher-education.
The ‘price tag’ of going to university is variable depending on length and location, tuition fees, maintenance loan and other costs. What you’ll actually repay solely depends on what you earn after university.
Repayments are deducted through the income tax system, and the student finance loan is not necessarily a form of debt, but rather a graduate contribution.
Student loans will attract interest based on the general rate of inflation. It’s also important to note that only a few students pay off their loans alongside the interest simply due to the 30-year wipe – this effectively means that these loans are interest-free.
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