Student Finance Myth Busting

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1 Student Finance Myth Busting

2 Student Finance Mythbusting It s nw three years since student finance in England was radically verhauled, yet myths, panic and cnfusin are still widespread. S frget the plitics, it s time t fcus n the practical impact n students pckets. It is imprtant that yu as a student are nt put ff frm ging t university thinking yu can't affrd it. All applicants need t understand the true cst s that a decisin can be made. Belw we list the areas where there is cnfusin and misunderstanding, and we aim t deliver the crrect infrmatin in a simple, cmmn-sense, n-nnsense fashin. 1. Trebling f tuitin fees desn't necessarily mean trebling f csts All institutins are nw allwed t charge up t 6,000 a year and many will charge up t 9,000 (nearly three times 2011's fees), prviding they make extra prvisins fr bursaries fr prer students. The max fr part-timers is 6,750 a year. Yu will n dubt have read headlines like "students t be 50,000 in debt when they leave". Yet the big cnfusin with tuitin fees is that everyne talks abut the price tag and the amunt yu brrw, whereas what really cunts is hw much yu will need t repay. This depends far mre n hw much yu earn nce yu graduate r leave university. Thse wh earn a lt will repay a lt. Thse wh dn't gain t much financially frm ging t university will repay little r nthing. Sme have even called this 'n win, n fee', althugh f curse, winning at higher educatin is abut far mre than just hw much yu earn afterwards. 1. Yu dn't need the cash t pay fr university It ISN'T a case f 'pay up r yu can't g'. Once yur applicatin has been prcessed, tuitin fees are autmatically paid by special Student Lan Cmpany lans which fulltime students nly need t start repaying in the April AFTER graduatin (r leaving) at the earliest, n matter hw lng yur curse. Of curse yu dn't have t take the lan fr tuitin fees, yu culd pt t pay it directly. 3. Earn under 21,000 and yu'll never repay Yu nly repay 9% f everything yu earn annually abve 21,000 f pre-tax salary nce yu've left university. Therefre if yu've started repaying the lan, but then lse yur jb r take a pay cut, yur repayments drp accrdingly. If yu earn 22,000 in a year, what d yu repay?

3 The answer is 90, as twenty tw thusand is ne grand abve the threshld and 9% f 1,000 is 90. And if yu earn 31,000, what d yu repay? 900. Thirty ne thusand is 10,000 abve the threshld and 9% f that is 900. "Hw n earth will my child be able t affrd t repay these debts if they get a prly paying jb?" It's really imprtant t examine this in the light f the required repayments. Smene n a lw wage will be required t repay little r nthing at all. In fact, nly higher earners will be shelling ut large amunts. It's imprtant t nte that nt repaying much because yu're just ver the threshld isn't being bad. The system is, in reality, a graduate cntributin, designed s that, in the main, thse wh gain the mst financially ut f university cntribute the mst. The 21,000 threshld is set t change The 21,000 threshld is scheduled t rise in line with average earnings. This will start in April 2017 (a year after the first graduates under the new system starters - are eligible t repay). N debt cllectrs with student lans Student lans are repaid thrugh the payrll just like incme tax. What this means is that nce yu're wrking, yur emplyer will deduct the repayments frm yur salary befre yu get it. S the amunt yu receive in yur pay packet each mnth already has it remved. This means n debt cllectrs will cme chasing as yu dn't have a chice in the matter and will have paid it autmatically. The main exemptin t this is fr the self-emplyed (peple wh wrk fr themselves r are freelance). 2. After 30 years, any and all remaining debt is wiped Yu stp wing when yu've cleared the debt r when 30 years (frm the April after graduatin) have passed, whichever cmes first. If yu never get a jb earning ver the threshld, yu'll never repay. Fr thse wh started university befre 2012, there was n 'real' cst t brrwing mney via student lans, as the interest rate was set at the rate f inflatin (RPI). S brrw a shpping trlley wrth f gds and yu'll repay enugh t buy the same, even thugh the actual cash amunt may

4 increase. Yet fr thse starting in r after September 2013 that's all changed. The interest is as fllws: While studying: Accrues RPI inflatin plus 3% n the utstanding balance. This cntinues until the first April after graduatin when it changes t After studying, earning under 21,000: Accrues RPI inflatin. After studying, earning 21,000-41,000: The interest rate will gradually rise frm RPI t RPI plus 3% the mre yu earn (the interest rises % fr every extra pund yu earn r, put anther way, if yu earn 1,000 mre, yu accrue 0.15% extra interest). These threshlds are likely t rise with average earnings frm After studying, earning ver 41,000: Accrues RPI inflatin plus 3%. It's wrth nting all the abve scenaris assume inflatin is psitive (prices rising). It's nt yet knwn what wuld happen in a perid f deflatin (prices falling). The rate expected t be used is the previus March's RPI inflatin rate, thugh this will be cnfirmed in due curse. March 2012's inflatin rate was 3.6%. March 2013's inflatin rate was 3.3% meaning interest charged n new-style student lans in 2013/14 will be 6.3%. 4. Repayments are 417/year LESS than fr current graduates Many peple wrry that with the much higher levels f student debt, cash will be t tightly squeezed t live n nce pst-2012 starters graduate. Yet actually, tday's university starters will have MORE cash in their pckets each mnth than thse students wh've just graduated. Graduates wh started their curse befre Sept 2012, repay 9% f everything earned abve 16,365. Thse starting in 2012 and beynd see that increased t 21,000. That means thse earning abve the 21,000 threshld have 417-a-year mre in their pckets than nw. A chart shuld help. Earnings Current system New 2012 system Annual repayment Mnthly pay packet reductin it's equivalent t Annual repayment 16,000 Nthing Nthing Nthing Nthing 17, Nthing Nthing 21, Nthing Nthing 22, ,000 1, ,000 2, , Mnthly pay packet reductin it's equivalent t

5 Earnings Current system New 2012 system 50,000 3, , Actually a fairer cmparisn will be with 2011 starters the last n the ld system. While it's likely thse repaying under the new system will still have mre dispsable incme in the years fllwing graduatin, the gap will be substantially reduced due t the inflatin. There will still almst certainly be a gap, read mre n why inflatin decreases the difference. Repayments in 2016 Average annual inflatin ( ) Current system New system Increase in dispsable incme under new system N inflatin 16,365 21, % (A) 17,625 21, % 18,410 21, % 19,765 21, % 21,190 21,000 ( 17) 3. Yu WILL we mney fr lnger than current graduates and MAY pay a LOT mre The flipside f peple repaying less due t the higher 21,000 threshld than current graduates is that it will take much lnger t pay ff the lan. And this is cmpunded by the fact the riginal debt is bigger and the interest rate higher. This is because under the new system the cst is effectively being spread ver a much lnger perid. Initially, graduates will be able t keep mre f their incme t spend than nw. Thugh later n when they wuld've paid ff the lan under the current system, they'll have less as they'll still be repaying. 4. Mnthly repayments are the same, whether fees are 6,000 r 9,000 Whether yu chse a curse that csts 6,000 r 9,000, yu'll repay the same amunt each mnth, as that purely depends n what yu earn (9% abve 21,000). In ther wrds, whatever yur tuitin fees (and maintenance lan) if yu earn 22,000, and haven't cleared the debt, yu repay 90 a year. Of curse, the mre yu brrw, the lnger yu'll be repaying. Yet it's wrth nting

6 that, as many peple wn't finish repaying befre the 30 years is up, unless yu're a higher earner, picking a curse with higher fees wn't actually cst yu mre. See the min, max and average fees planned t be charged by each university. 5. Student lans als cver living csts Full-time students can als take a lan t pay fr their living csts, e.g, fd, bks, accmmdatin and travel. They are knwn as maintenance lans, and are usually paid in three termly installments direct t students' bank accunts. The amunt is dictated by tw elements: Academic year The guaranteed bit. Up t 75% f the maximum living cst lan will be available t everyne, regardless f their parental incme. The incme assessed bit. The amunt yu can brrw is means-tested, in ther wrds it depends n yu r yur parents' residual incme (pre-tax incme minus pensins If incme is higher, then yu r yur parents are expected t fill this financing gap. Maximum maintenance (living) lan Living with Living away parents frm hme 2013/14 4,375 5,500 One big cncern is student lans aren t big enugh While mst headlines rant abut the size f student lans, actually fr many the prblem is living lans aren t actually large enugh. With student rents rising and csts increasing, fr sme, living ff these amunts is tight. There are few signs f the gvernment lking t increase these amunts. S it's crucial t ensure that there is a real fcus n budgeting, and the mney isn t spent in the first few weeks f term. Extra funds frm parents and part time jbs will help. Deadlines t apply fr maintenance lans T get these lans in time fr the start f the autumn term/semester, students resident in England need t apply by 31 May In Sctland, prspective students have until 30 June, but fr Welsh & Nrthern Irish students, the deadline has passed.

7 Missing the deadline desn't mean yu can n lnger apply fr a lan, it just means the cash might nt arrive until a few weeks int term. Under 50,000 incme husehlds' students get maintenance grants In 2013/14 full-time students with residual incme under 25,000 get a grant f 3,250 fr living csts (increased slightly t 3,387 in 2013/14) in ther wrds, it never needs repaying (unless yu leave yur curse early, when yu may be asked t pay it back). If yu're entitled t a full grant the maximum lan yu'll be entitled t is reduced thugh by less than the amunt f the grant. S at 25,000 incme r less, in 2013/14, a student living away frm hme (utside Lndn) wuld get a grant f 3,250 and a maximum lan f 3,875 (nt the full 5,500). Thse frm husehlds with incme between 25,001 and 50,000 get smaller grants, thugh the maximum lan amunt increases t make up fr it. Husehld incme Supprt package 2012/13 Supprt package 2013/14 maintenance grants Maintenance lans Ttal Nnrepayable Nnrepayable maintenance grants Maintenance lans Ttal 25,000 r 3,250 less 3,875 7,125 3,354 3,823 7,177 30,000 2,341 4,330 6,671 2,416 4,292 6,708 35,000 1,432 4,784 6,216 1,478 4,761 6,239 40, ,239 5, ,230 5,770 45, ,288 5, ,288 5,288 50, ,788 4, ,788 4,788 55, ,288 4, ,288 4,288 60, ,788 3, ,788 3,788 Over 62, ,575 3, ,575 3,575 Fr students living away frm hme and studying utside Lndn 6. Student lans DO NOT g n credit files When yu brrw frm a bank fr a credit card, lan r mrtgage, t evaluate whether they'll make mney frm yu lenders lk at three pieces f infrmatin yur applicatin frm, any previus dealings they've had with yu and crucially, the infrmatin n yur credit reference files. Mst nrmal financial transactins and credit relatinships yu have are listed n these files - yet student lans are nt

8 included (with the exceptin f students wh started university befre 1998 under the riginal lans system and defaulted). S the nly way lan, credit card r mrtgage prviders knw if yu've gt a student lan is if they chse t ask n applicatin frms. They can d this and it happens, but in general it's nly fr bigger value transactins such as mrtgages. 7. Bigger tuitin fees are unlikely t impact the ability t get a mrtgage We knw many parents wrry that the much higher level f tuitin fees, and subsequent 'debt', will hit their child's ability t get a mrtgage after studying. Of curse, having a student lan is wrse than nt having ne when it cmes t getting a mrtgage. Thugh ging t university ften results in earning a higher salary, which will usually easily cancel this ut. Here's what the Cuncil fr Mrtgage Lenders (the mrtgage cmpany trade assciatin) has said, sadly in less than plain English: "A student lan is very unlikely t impact materially n an individual's ability t get a mrtgage, but the amunt f mrtgage available may depend n net incme." T explain this, it's mre relevant t cmpare the impact f the system's change t thse wh are currently graduating. Students starting in 2013 and beynd are likely t have HIGHER dispsable (net) incme than current graduates. This makes saving fr a depsit and repaying a mrtgage in the years after graduatin easier. Hwever, they will be repaying lng after current graduates, s at that pint they will have less dispsable incme. Overall, it's likely t even ut. Yu can repay early In the early days, the Gvernment was cnsulting n penalties t stp peple repaying early - but the mass f feedback was against - and thankfully it decided t scrap the idea. Yet this desn t mean yu shuld pay ff early, just because it's allwed. While in general we d encurage peple t repay their debts as quickly as pssible, student lans are ne f the rare cases where that will be a bad decisin fr a gd number f peple. This is because, under the new system many wn't fully repay befre the debt's wiped after 30 years. Overpaying each mnth culd actually be pintless, as the verpayment's nt reducing the amunt yu d need t pay back at all. Even if yu have enugh cash t clear the lan in full it may nt be wrth it as yur repayments primarily depend n what yu earn, nt what yu brrwed. It culd mean yu need t repay less than what yu wed.

9 8. Many peple will never pay it all back By running the numbers n sme typical situatins using the Student Finance Calculatr ( it lks likely nly thse twards the higher end f the incme scale will ever repay what they brrwed. In ne way it's gd, as it means the level f the tuitin fees is irrelevant t mst - they'll just keep paying the same prprtin each mnth and if they dn't earn enugh, they wn't cme clse t paying back what was brrwed (never mind the interest). But it's als means the lan wn't be cleared until it's wiped after 30 years. 9. Think f it like a graduate tax, nt a lan The maximum pssible lan cmbining tuitin fees and maintenance is 16,675 a year; 50,000 ver a three-year curse. This is a frightening amunt, and indeed many are frightened f it. Yet it's imprtant t nt just jump at this figure, but lk at it in regards t hw much f that yu'll actually have t repay. In fact, when yu examine this debt, it's far mre like an additinal tax than a lan fr the fllwing reasns: It's repaid thrugh the incme tax system Yu nly repay it if yu earn ver a certain amunt The amunt repaid increases with earnings It des nt g n credit files Debt cllectrs will nt chase fr it Bigger brrwing desn't increase repayments Many peple will cntinue t repay fr the majrity f their wrking life In many ways it has many f the features f a tax, but ne that simply ends nce yu've repaid what yu brrwed, plus interest. S if yu examined it as a tax n current threshlds, a typical graduate will face the fllwing deductins frm their payrll, while they still have an utstanding student lan. Assumes current tax threshlds remain N tax as this is the typical 'persnal Annual earnings up t 9,440 allwance', the amunt earnable befre incme tax starts. Earnings ver 9,440 up t 21,000 32% tax and natinal insurance 41% due t additin f student lan Earnings abve 21,000 repayments 51% due t additin f higher rate tax, Earnings abve 41,450 but drp in natinal insurance 56% due t higher rate tax Earnings abve 150,000

10 10. Student lans shuld be cunted as part f students' incme Withut knwing yur incme, yu can't budget. Yur incme is defined as the student lan, any grant, and any incme frm wrking and any mney given by parents r relatives. Ttal that up, and this is what yu shuld budget nt t spend mre than. It's imprtant t nte while this des include the student lan, it desn't include 0% verdrafts, which at best shuld be seen as aids t cashflw but nt incme. 11. Can the system be changed nce I've started? It's imprtant t understand Parliament is mnicmpetent. In ther wrds, it's cmpletely free t make and change rules made in the past. This means there is n 100% guarantee the system will remain unchanged fr the 30 years until yu re clear. It's wrth being aware this is a risk factr. Yet nce the system is finalised and yu ve started university any negative changes in the future are unlikely, as plicymakers are generally adverse t retrspective change. Lking at the histry f student lans, any majr changes t the system have nly affected new students. Thse wh have already started remain n the system in place when they started university (with minr psitive changes, such as uprating due t inflatin). While nthing is impssible, the best that can be dne is t plan that the system in place nw will cntinue thrughut yur repayments.

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