The Current System
This overview contrasts the UK tuition fee systems before and after 2012. The previous system charged £3,290 per year with a repayment plan based on earnings above £15,000 annually. In contrast, the new system allows fees up to £9,000, with repayments initiated once earnings surpass £21,000. The repayment rate is consistent at 9% of income over the threshold. For example, earning £25,000 results in a repayment of £360 per year or approximately £6.92 per week, regardless of which fee structure is applied.
The Current System
E N D
Presentation Transcript
The Current System The New System • 2010/11 tuition fees are £3,290 • EVERYBODY eligible for loan covering full fee amount • Repayments taken through PAYE system and only when earnings are above £15,000 per year • 2012/13 tuition fees are up to £9,000 • EVERYBODY eligible for loan covering full fee amount • Repayments taken through PAYE system and only when earnings are above £21,000 per year
The Current System The New System Repayments Repayments Repayments • Degree - £6,000 a year • Salary - £25,000 a year • Repayments – 9% of £4,000 • £360 a year or £6.92 a week • Degree - £9,000 a year • Salary - £25,000 a year • Repayments – 9% of £4,000 • £360 a year or £6.92 a week • Degree - £3,290 a year • Salary - £25,000 a year • Repayments – 9% of £10,000 • £900 a year or £17.31 a week
