Student Loan Funding – update
You may have seen in the news that the government is currently reviewing the funding of higher education and the loan system.
The important thing for you to know is nothing is changing at the moment, and that your place at the University of Northampton is secure if you are starting in 2022. To be clear, if you are starting university in 2022 your finance arrangements won’t change.
Here are a few key facts based on what has been announced by government so far this week.
On Thursday the Higher and Further Education Minister, Michelle Donelan, announced the following:
- Tuition fees will be frozen at £9,250 per annum, which is what they are at the moment, for at least another three years, to 2024/25.
- From 2023, new students who take out loans will start paying the money back only when they earn more than £25,000 a year and have a maximum of 40 years to pay their loans back.
- There will be a new £75m national scholarship programme for talented students who come from what the government calls “disadvantaged backgrounds”.
There were also some announcements this week about things the government will be looking into a lot more over the next few months, but have made no decision on. Whatever is decided it is highly unlikely to have any impact on those starting university in 2022.
Just so you know what they are discussing though, we have added them here:
- The government is consulting on whether to introduce minimum qualification requirements for those who want to apply for student loans (this does not include mature students).
- They are also consulting on funding for foundation years.
As soon as we know more we will let you know, but we hope this helps to make the situation a bit clearer.
Please get in touch with any questions you have via firstname.lastname@example.org.