University goers confused about student finance

Fri, 11 Nov 2011

Individuals heading into higher education are confused about the financial aspects - such as student loans and tuition fees - involved in such a move.

This is the suggestion of Martin Lewis, the man behind Money Saving Expert, who has been appointed the new head of the Independent Taskforce on Student Finance Information.

The industry figure noted would-be students are uneducated and ill-equipped when it comes to the changes being introduced to the system next year.

He claimed he is not a fan of the alterations - which will see universities handed the opportunity to charge course fees of up to £9,000 a year, with borrowers not required to pay back the cash until they earn £21,000 and the debt written off after 30 years.

Young people contemplating applying for a student loan may therefore wish to better understand the implications of such an agreement beforehand.

Mr Lewis - who created Money Saving Expert in 2003 - added: "We need to start a war on this ignorance. After all, if students don't understand the true cost, how can they decide if it's worth it."
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