Student finance calculator

Pupils in Year 13 are making their decisions about whether to apply to university and which one they should choose.

How student loans work

  • Students can borrow up to £9,000 a year of tuition fees, though Welsh students pay a maximum of £3,465 a year
  • Full-time students are eligible for maintenance loans of up to £5,500 (£7,675 in London) - though a little less for Welsh students
  • Various means-tested bursaries, grants and fee waivers are also available
  • From the April after they graduate, borrowers pay back 9% of any earnings over £21,000
  • The interest charged will rise from inflation (RPI) to inflation +3% as earnings rise from £21,000 to £41,000.
  • After 30 years, any remaining debt is written off.

One of the big issues this year is the new financing system, which will apply to students starting courses from September 2012.

BBC News has designed a calculator to give students repaying loans under the new system an idea of how much it may cost them to pay off their student loans. The new repayment system applies in England and Wales - there is more detail on fees and loans around the UK here.

The calculator uses estimates of predicted lifetime earnings based on the career areas people are considering pursuing, their age and sex.

All the figures are based on averages, so low and high earners in a particular category would pay different amounts to those given by the calculator. The earnings figures are for all employees, not just graduates, because graduate-only figures are not available. The calculator is designed to provide a general illustration of cost of financing in various scenarios, rather than to give precise predictions of how much individuals will have to pay.

The figures are all in 2011 money, so reflect how much particular amounts of money are worth to you today.

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

More Education & Family stories

RSS

Features

  • Children in Africa graphicBaby steps

    Why are more children in Africa living beyond five?


  • Olive oil and olivesFood myth

    Did 1950s Britain get its olive oil from a pharmacy?


  • Rio Ferdinand and David Moyes'Playing to win'

    Memorable quotes from sporting autobiographies BBC Sport


  • Hand washing to contain Ebola in LiberiaEbola virus

    More action is needed to tackle Ebola, say experts


  • shadow of people kissing on grassOutdoor love

    Should the police intervene when people have sex in public?


BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.