oryx
Junior Member
- Joined
- Jul 21, 2011
- Member Type
- Student or Learner
- Native Language
- Arabic
- Home Country
- England
- Current Location
- England
Could anyone please explain this paragraph in easy way?
The government will lend students the money for fees, which will be paid back when they graduate and begin working. The fees will not have to be paid up-front.
The threshold at which graduates have to start paying their loans back will rise from £15,000 to £21,000. This will rise annually with inflation.
Each month graduates will pay back 9% of their income above that threshold.
The subsidised interest rate at which the repayments are made - currently 1.5% - will be raised. Under a "progressive tapering" system, the interest rate will rise from 0 for incomes of £21,000, to 3% plus inflation (RPI) for incomes above £41,000.
If the debt is not cleared 30 years after graduation, it will be wiped out.
Thanks a lot
The government will lend students the money for fees, which will be paid back when they graduate and begin working. The fees will not have to be paid up-front.
The threshold at which graduates have to start paying their loans back will rise from £15,000 to £21,000. This will rise annually with inflation.
Each month graduates will pay back 9% of their income above that threshold.
The subsidised interest rate at which the repayments are made - currently 1.5% - will be raised. Under a "progressive tapering" system, the interest rate will rise from 0 for incomes of £21,000, to 3% plus inflation (RPI) for incomes above £41,000.
If the debt is not cleared 30 years after graduation, it will be wiped out.
Thanks a lot