...Continued from part one.
How do I Pay?
Any loan – tuition and / or maintenance – that the student has taken out will have to be paid back after the student has graduated and is earning above a specific wage, currently this is £21,000 per year before tax. The repayments are taken straight out of a student’s wage at the same time as tax and national insurance as the loan is linked to the individuals national insurance number. As this is a loan there interest applied to it. All outstanding monies will be written off after 30 years.
How does the uni spend my money?
So where does the £9,000 go? The tuition fee from each student goes into the running of the university they attend. This may be partially into wages, services such as catering and the estate itself with the repair and refurbishment of buildings and facilities.