The Government is changing the way it funds higher education courses for the academic year 2012-2013. Students entering higher education in September 2012 will take out loans to cover the full cost of their tuition. Currently students take out loans to cover part of the cost and the Government pays the other part directly to the university or college.
You may have heard in the media that most universities will be charging £9,000 per year. Here at Croydon we believe that higher education should be as affordable as possible, and will be charging £5,750 for all full time students. In addition, as you successfully complete each year of study you will be awarded a £500 Completion Bursary. This is payable to all home and EU students* and means that in real terms the cost of study is £5,250 per year.
The Government has put in place a tuition fee loan scheme which allows you to go to college or university and pay none of these fees up front. In addition, there are loans available to cover living costs. You can get a loan of up to £7,675 per year if you live away from your parents in London. Any loans (tuition and living costs) will only be paid back when you are working and earning over £21,000 per year. You will repay just 9% of anything you earn above £21,000. For example if you are earning £25,000 you will repay just £30 per month. Any monies left outstanding after 30 years will be written off.
There are also non-repayable grants available for living costs. If your household income is less than £25,000 per year you will be entitled to a full maintenance grant of £3,250 per year. If your household income is between £25,000 and £42,600 you will be entitled to a partial maintenance grant. For full guidance on the new arrangements for students entering in September 2012 please visit the Make Your Future Happen website http://studentfinance-yourfuture.direct.gov.uk/