4 yr VS 5 yr fees-how much is it different really? sorry for the long post....
something I was thinking about is that if somehow, I could get together the money for a 5 year course....how much more would it actually cost me to do a 5yr course. Now I'm assuming anyone borrowing the 5 year money will be doing so from family so I will assume this is interest free
5 year....36K flat (if borrowed from family) + additional year for the 5 year course..... costs of being alive (rent, food etc etc at approx 10,000).
5year total 46K. (just in relation to costs vs a 4 yr course)
4 year....year one £3465 up front then loan £5535
year 2,3,4 £5535
So loaning £22,140 + getting £3465 together =£25605
Minus bursaries.....£1000 for year 2,3 and 4 each. Then a maximum of £2643 per year in years 2,3 and 4.
total max bursaries=£10,929.
4 year total = £25605-£10929 =£14,676. (assumed maximum bursaries given)
You would pay 1.5% a year on it...assuming it takes 7-10 years to pay off (just basing this on my career development loan for my MSc). Then you would end up paying £16286-17285 ish..
4 year total= 17 k
I've heard that many people work during the 5 year course and most cannot work during the 4 year course so this would have to play a factor.
Is it as simple as
(46K - Money earned with a job while on the 5 year course) VS 17,000 ish.
If so I guess the answer is if you can earn £29,000 over the duration of the 5 year course then its the same.
Can you earn £5800 a year as a student? If so seems the same.