While the graduation period starts, BBC Scotland training correspondent Jamie McIvor provides advice to Scottish graduates on trying to repay their pupil financial obligation.
So how exactly does the pupil financing system in Scotland work?
Scottish pupils at Scottish universities try not to spend tuition charges. Nevertheless they frequently need to borrow significant quantities of cash towards cost of living.
They truly are eligible for an upkeep loan that will be based and means-tested on home and circumstances. The most they are able to receive is ?5,750 per year together with minimal loan is ?4,750. This only implies that a graduate who’d completed a four 12 months level would owe nearly ?20,000.
Those under 25 whom originate from families where home earnings is below ?34,000 per year may also make an application for a “Young pupils’ Bursary” which doesn’t have become paid back. They could get up to ?1,875 if their household that is annual income below ?18,999.
The scholar Awards Agency Scotland accounts for these bursaries and loans, employed in combination aided by the learning student Loans Company.
Numbers through the student education loans Company suggest that the typical degree of graduate financial obligation in Scotland may be the cheapest in britain.
Extra financing can be readily available for pupils in specific circumstances – as an example “independent” pupils such since many mature pupils.
Beyond your state financing system, pupils can also be in a position to submit an application for personal bursaries – as an example funds from a trust created in a might to assist pupils from the area that is particular who’re using specific courses. Continue reading “Guidance for Scottish graduates repaying pupil financial obligation”