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Students Will Begin Their Careers Thousands In Debt

by Jim ONeil on July 27, 2011

in student finance

The application process for September 2012 university study begins in six weeks. This generation of students will pay a hefty price, up to £9,000 annually in tuition alone, to get a degree. Add living expenses and many students will graduate with debt up to £50,000.

This amount equates to a small mortgage and like mortgages, educational debt can last for many years.

Changes in the student loan system will result in lower monthly repayments for some future graduates. However, university study will still carry a heavy cost and this will be an important determinant in how, where, and when these individuals study.

Financial experts believe that more students will question whether they should go to university or consider studying closer to home to reduce living expenses.

Many future university students already have part-time jobs but their earnings will not be enough to pay for a university education. For some, student loans will provide the extra financing. The Office of Fair Access published the fees agreed upon with English universities early this month.

One-third will charge the £9,000 annual maximum tuition, while six out of ten will charge this fee for a portion of courses.

On average, the fee will be £8,393. After accounting for fee waivers, subsidies, and bursaries, lower income households are still looking at an average fee of £7,793. Scottish students who attend universities in their home country will not incur tuition fees.

However, Welsh and English students attending university in Scotland will pay as much as £9,000 annually.

Experts predict that working while attending university will become the norm due to the cost of tuition. Student earnings up to £7,475 per tax year are not subject to income tax. Bursaries and prospective employer-provided support will become more important in year 2012 and beyond.

Students can find extra funding in the form of grants and scholarships.

Tiburce Tchibozo

Dear, as a citizen from Benin and a future student of Cranfield University (cause i’ve got already an offer letter), i’m writting you, to know all about loans.
I’m closer to a childhood dream and the obstacle is funding. I do not really know how to cope with all this fees (£24000,tutions fees, accomodates,living…).
My courses will start the 3 october, please help me to find a loans that can help me.
My registration number at Cranfield University is 176935.
Looking forward to hear from you soon,
Tiburce Tchibozo.

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