This finance update for those going to university comes to you courtesy of Martin Lewis on his website
http://www.moneysavingexpert.com/students/student-loans-tuition-fees-changes
Need-to-knows. No first-timers need pay fees upfront. The Student Loan Company pays and gives cash for living money. Yet it ain't like a normal debt.
Read Martin's full 20+ Student Finance Mythbusters for 2012 and prospective 2013 starters including...
1) After uni, you will repay 9% of any income above £21,000/yr. Earn less, repay nowt.
2) The loan wipes after 30 yrs. Many on low or mid incomes won't have fully repaid by then. So, while you can pay fees upfront, for many it risks throwing £10,000s away.
3) The oft-quoted "£50,000 student debt" figure is mostly irrelevant. What really counts is the cost to you, which depends primarily on earnings. Use the updated www.studentfinancecalc.com to see your real cost over 30 years.
You can sign up for Martin's weekly e mail by going to his website on the link at the top of this page.
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