4 ms·
Edit: I thought you were referring to debt, not salary. My mistake. I'll leave my post intact in case anyone finds it useful. Yes, absolutely. Fees are £9000 p
by rossng 10y ago
Edit: I thought you were referring to debt, not salary. My mistake. I'll leave my post intact in case anyone finds it useful.
Yes, absolutely. Fees are £9000 per year. The minimum guaranteed maintenance loan, if you take it, is £3821 per year (though you may be entitled to a larger loan depending on your family circumstances).
If you're doing a four year course, this comes to 4 x £9000 + £4 x 3800 = £51200 ~= $68000.
If you come from a poor background (and so your parents cannot provide financial help), you may be entitled to a maintenance loan of up to £10700 per year. Grants (money you do not have to pay back) that used to cover most of this have recently been eliminated, leaving poorer students with larger loans.
Over four years, this would be £78800 (approximately $104k).
Having done three-year courses, many people go on to do a one-year masters at a cost of £10-15k.
On top of that, the current interest rate on the loan is 3.9% - meaning that most people will actually be in increasing debt until they earn £40-50k.
The only bright spot is that you pay 9% of any earnings over £21k towards the loan (like an extra tax). If you earn less than this, you pay nothing. The debt is wiped after 30 years. As a result there is no US-style problem of graduates struggling to make repayments. However, with the government having shown itself willing to retroactively rewrite the terms of the loan, who knows what will happen.