Student Grants to be Scrapped (Budget 2015).

[Mycroft]

It's been revealed that the Student Grant for families earning less than 41K a year will be converted into a Student Loan. But before we hit the panic button, what does this actually mean?

• It only affects first time undergraduates starting Sept. 2015.

• The actual cost to the student remains the same.

• You only repay the loan if you're earning 21K a year or over. If you earn 21-22K you repay around £90. If you earn 31K or more (which is £10,000 over the threshold) you end up paying around £900K.

• The threshold is set to be RAISED in 2017, so people earning 21-22K will repay nothing.

• Most low-income graduates will never repay anything, whilst high-income graduates end up repaying a lot more.

This means that, (according to figures by Ofqual) in reality, poorer people repay nothing of their student debt while the 'rich kids' who end up in the 'top jobs' end up repaying more.

 

[Rival]

It was always like this wasn't it? It doesn't appear to have changed. I've never heard of a student "grant" before. They are called loans.

 

[Shadow Wolf]

Are the grants like they are in America in that it is money that students do not pay back?

 

[Rival]

Are the grants like they are in America in that it is money that students do not pay back?

Technically you should pay back a loan, but not a grant. In the UK, where I live, I've never heard of a studnet grant, only a student loan.

 

[Mycroft]

Are the grants like they are in America in that it is money that students do not pay back?

You don't repay grants. You repay loans.

But in reality (in the UK) most people don't have to repay the loans either. And if they do, it's because they're in a bracket to be able to afford to pay it back.

 

[The Emperor of Mankind]

Thank the gods education is a devolved matter in Scotland. Education is a right, not a privilege. It should be accessible to everyone.

 

[dust1n]

• You only repay the loan if you're earning 21K a year or over. If you earn 21-22K you repay around £90. If you earn 31K or more (which is £10,000 over the threshold) you end up paying around £900K.

...What? 900k?

 

[Shadow Wolf]

You don't repay grants. You repay loans.

But in reality (in the UK) most people don't have to repay the loans either. And if they do, it's because they're in a bracket to be able to afford to pay it back.

That's how it is here, except loans are repayed by all.

 

[Mycroft]

...What? 900k?

900 quid. Sorry, typo. I shouldn't type when tired!

 

[dust1n]

900 quid. Sorry, typo. I shouldn't type when tired!

LOL, okay that makes more sense. I was read over it a couple times, and was thinking something was wrong there.

 

[Ultimatum]

I've never heard of a studnet grant, only a student loan.

More commonly, bursaries.