Student Finance News
News relating to the Student Loans Company, repayment threshold changes, and maintenance loan updates. Watch this category if you want to know about changes that can directly affect your loan or maintenance payments.
15 articles
You may be saving to give up work without realising it
A recent study has found that millions of people in the UK may be saving for retirement without realising it. This could have significant implications for their financial futures. The report highlights the importance of checking your savings and making the most of free money.
Key takeaway: You could be saving for retirement without even realising it, and that's not all - you might also be missing out on free money that could boost your savings.
Pension delays hit families hard
A widow was left distressed by a nine-month delay in receiving her husband's pension, managed by outsourcing firm Capita. This case highlights the struggles people face when dealing with pension delays. The delay had a significant impact on the widow's financial situation.
Key takeaway: Pension delays can have a devastating impact on families, as seen in the case of a widow who waited nine months for her husband's pension.
Monzo launches credit card for thin-file borrowers
Monzo's Flex payment option aims to help people rebuild their credit file, but it may not be suitable for students. The credit card market is becoming increasingly competitive, with new products emerging to cater to different demographics. Students may benefit from this trend, but should be cautious of the terms and conditions.
Key takeaway: Monzo's new credit card offers a flexible payment option for customers with limited credit history, but students should be aware of the potential risks and fees.
University funding faces £2.4bn shortfall
The post-18 system is facing a significant challenge due to demographic changes, with a predicted £2.4bn shortfall in university funding. This has implications for students and the higher education sector as a whole. The issue arises from a decline in the number of 18-year-olds, which will lead to a reduction in tuition fee income.
Key takeaway: University funding is facing a significant shortfall due to demographic changes.
Revolut offers 5% savings rate for new customers
Revolut is offering a 5% savings rate for new customers who sign up before August 4. This deal allows customers to earn interest on their savings with no minimum balance requirement. The offer is open to new customers only.
Key takeaway: New Revolut customers can earn 5% interest on their savings with no minimum balance requirement until August 4.
NatWest bank branch closures: what it means for students
NatWest Group has announced that it will not make any further branch closure announcements for NatWest, Royal Bank of Scotland, and Ulster Bank until at least 2029. However, the bank has also announced nine more closures. This move seems counterintuitive, as it appears to go against the trend of widespread bank branch closures.
Key takeaway: NatWest Group has committed to keeping its bank branches open until 2029, but has also announced nine more closures.
Thousands rally against DSA cuts
The Department for Education's plan to withdraw funding for assistive software has sparked outrage, with nearly 10,000 people signing a petition against the cuts. The Disabled Students' Allowance (DSA) currently provides funding for specialist tech support, but the government claims this is no longer needed due to 'widely available free tools'.
Key takeaway: The government's plan to cut funding for specialist tech support for disabled students has been met with significant opposition.
Investing £50 a month: no longer just for the wealthy
Many people believe that investing requires a large sum of money, but experts say that even £50 a month can make a significant difference. Investing small, regular sums can build wealth over time, and it's not just for the wealthy or those near retirement. Students and young adults can also benefit from starting early.
Key takeaway: Investing £50 a month can be a great way to start building wealth, even for students and young adults.
Accelerated degrees get a boost
The Lifelong Learning Entitlement could make accelerated degrees more appealing to students. This entitlement may provide a flexible and affordable way to pursue higher education. As a result, students may be able to complete their degrees in a shorter amount of time.
Key takeaway: The Lifelong Learning Entitlement could make accelerated degrees a more attractive option for students.
Pension income gap revealed
A recent report has revealed that three-quarters of workers are not on track for a 'moderate' pension income. The report suggests that a moderate lifestyle in retirement costs £32,700 for one person and £45,400 for two. This has significant implications for workers who are not planning for their retirement.
Key takeaway: Three-quarters of workers are not on track for a 'moderate' pension income.
Graduates' debt used to fund older people's lifestyles
Student representatives have told an official inquiry that many young people are struggling with 'harrowing' debt, likening the situation to finance scandals like car finance and payment protection insurance (PPI) mis-selling. The issue has sparked concerns about the fairness of the student loan system.
Key takeaway: Graduates are being unfairly used as 'cash cows' to fund measures benefiting older people, such as the state pension triple lock.
University degrees not worth it? 34% of people think so
The latest British Social Attitudes survey reveals a significant shift in attitudes towards university degrees. Younger graduates, who have experienced the fee system, are more disillusioned than those who did not pay fees. This trend raises questions about the value of a degree in today's economy.
Key takeaway: The perception that a university degree is not worth the investment is growing, with 34% of people now holding this view.