After announcements regarding the student loan changes in the UK shook the system, a lot of prospective students are left wondering, what on earth is going on? With rumours students starting in 2023 and beyond will be left paying thousands more pounds than previous years, we think it is time for a little de-coding. Here are our top four most important questions, and our no-nonsense answers.
Well, this one entirely depends on the cost of your course, and how much maintenance loan you receive. But, the rule now is that you will repay 9% of your wages on anything you earn over £25,000, either until your loan is settled, or it has been 40 years since you left university.
So, let’s say for example, when you graduate, you’re earning £30,000. Of that income, you will be repaying around £37.50 per month or £450 a year. This will be taken straight out of your paycheck before it hits your bank account, so you don’t need to worry about budgeting or sending money.
There is no upfront cost for a student loan. You will receive your maintenance loan money in lump sums to your bank account three times per year, and your tuition fee is paid directly to your university. However, it is important to note that the government loan scheme does account for additional support to come from your parents or guardians. Your maintenance loan is based on your household income, so if you are not receiving the maximum amount available, your parents or carers are expected by the government to support in funding the additional fee.
Previously, the repayment threshold was £27,295. Now, on the new plan-5 loans, it is £25,000 – meaning that you will start to repay your loan earlier than your predecessors. Plus, you will also pay it for longer – the maximum repayment term used to be 30 years, but for you, it is 40. Now, this doesn’t mean that your overall loan is more expensive than previous years, but it does mean that you are more likely to pay it off in full, rather than it getting wiped off.
There is no need to worry about debt collectors rushing to your door – your student loan is not classed as debt. Your credit score will not be affected, but it will show up on a mortgage application, just like a Netflix subscription. Essentially, your student loan is the best ‘loan’ you will ever have, as you aren’t charged masses of interest, and you never have to repay it if you aren’t earning enough.
So, hopefully now things are a little clearer. Essentially, your student loan will cost you more than your predecessors, as it will start being charged at a lower income, and you will be repaying it for longer. But, do not let this deter you from attending university. The monthly payments are still affordable, and will not be deducted if you aren’t earning enough to pay them. Plus, with a degree in your field, you are more likely to achieve a higher income, so the loan repayments will be a walk in the park. If you are looking for more information. Martin Lewis has a great blog here, or check out the Government website.
We have taken a research deep-dive to find some of the most inspirational women for university students to look up to, based on the UK’s most popular chosen course subjects. From revolutionary scientists to code cracking engineers – these wise, witty, and wonderful women are sure to spark inspiring thoughts and share important messages.
One thing we do recommend whilst you are personalising your student digs is investing in a houseplant. 21% of Gen Z individuals class themselves as ‘plant parents’ , the largest percentage in this study of age groups. This is believed to stem from the desire to care for a living thing – nurturing something other than ourselves. Deep.
Studying is, of course, part and parcel with attending university. But, it’s no big secret that some students take it more seriously than others. From finding a quiet secluded area, to creating your very own study playlist – it’s actually been proven that your study space can play a huge role in how effectively you learn. So, what does your chosen study space say about you?
Studying abroad has many benefits, from personal development, to improving your job prospects. But, it can also be a huge leap to take, especially if you’ve not travelled much before. If you’re still deciding whether studying overseas could be for you, here are five reasons why we think it could be life changing.
One of those decisions is choosing where to live. Many people think their only option is to live on-campus in halls of residence. But, a growing number of students are choosing to live in purpose-built student accommodation off-campus. If you’re still a little unsure which accommodation could be right for you, don’t worry – we’ve got you. We’ve compared the benefits of living off-campus VS on-campus to help you decide.
So, how do you make your ‘home away from home’ a place you are proud to present? Yugo has tirelessly trawled through TikTok to discover and reveal its top five must-have Amazon finds to update your space for 2023 – so you can create the ultimate destination to return to after a long day of lectures… or a longer evening on the dance floor.
We’re here to reveal its top tips to reduce your carbon footprint and increase your sustainability – without putting a huge dent in your maintenance loan. Check out our handy hacks here...
Moving away from home can be challenging in many ways, but being in charge of your own money can be one of the trickiest ones. In fact, in our recent survey, 37% of UK students found it difficult to manage their finances and budget effectively when living away from home.
We've compiled a handy list of things to establish with your flat mates from the get go, so your shared accommodation journey is smooth and straightforward. Let’s go…
Whether you’re looking to do a Masters, Doctorate, Postgraduate certificate or Postgraduate diploma, the experts here at Yugo have the lowdown on what it’s like to carry on your studies.
