Many people wonder if furthering your education at university is really a viable option. There is no simple answer and you have to make the decision weighing up all the positives with the negatives, all the alternative options, and in the end, the advantage, if there is any, gained from the experience.

Is £9,000 Per annum really too much to be asking?

Oxford University delved into how much it really cost to educate one student over the course of 3 years and it staggeringly came to £16,000 per annum. This means that the government is making a loss of £7,000 per student per year. However, we can ask ourselves “are the government really making a loss?” My answer would be NO.

In the long run, once a student has come out of university according to the Office for National Statistics University graduates are more likely to get into employment than those with fewer or lower qualifications.

Furthermore, Graduates are more likely to be earning a higher annual salary at a later age than nongraduates. Therefore, the more graduates and the higher their earnings the quicker their university fees are paid back and the higher their taxes thus improving the economy and making the government more money.

Does it really matter which University I go to?

Well, again we have to customize the question to suit the situation we are in. If you have high aspirations in life and would like to work for a highly competitive employer with a great reputation I would say that it is crucial for you to get into a good university with prestige. However, if you do go to a lower university it does not mean you would not be given a chance. There are many employers who take Graduates from loads of bottom end Universities, You are just at a slight disadvantage compared to someone from, let’s say a Russell group university as the university name after their degree carries more weight.

How will I be able to afford to Repay my student Loan once in full-time work?

Let’s say you come out of university owe the government Tuition fees for 3 years at £9,000 totaling to £27,000 and a maintenance loan of £7,000 per year for 3 years totaling to £21,000. You end up owing the government £48,000 at the end of 3 years. now this sounds like a lot of money.But don’t worry Because everything in the world has a way of working itself out.

Let’s say you come out of university earning £25,000 per annum. You would only be paying around 2% interest on your loan. After 30 years in full-time employment, your debt is wiped away.Moreover, you will only pay once you start earning over £21,000 per annum. You pay 9% of your annual salary. Your employer will discount the loan payments from your salary every month. This money will then be sent to HMRC who record how much you have paid back. They will then send you a statement every year to let you know how much you have paid and your remaining balance.

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