How fintechs are changing student finance
In a world of lifelong learning, eduction will evolve to offer new possibilities
The Cost Of Studying Today
University can be expensive, and it's getting more so.
When I went to University in the early 2000s, the tuition fee for my undergraduate degree was £1,000 ($1,250) a year. Nowadays, for domestic students in England, the cost is £9,250 ($11,600) per annum. International students pay even more - the cost can be anywhere from £10,000 ($12,500) to £26,000 ($32,600). Usually, an undergraduate degree takes 3 or 4 years to complete in the UK.
For undergraduate courses, domestic students in England don't need to pay upfront. Instead, debt for tuition fee payments accumulates during a course and then is gradually paid back from earnings. Those starting University in 2023 will pay 9% of their salary on their income above £25,000 towards their debt. As the money is not needed upfront, in one sense, there's no financial barrier to studying. But still, most students leave University with high levels of debt, which can be off-putting.
