The changes only affect new undergraduates starting university in September 2012
This new system of fees applies only to Home/EU students who will be starting an undergraduate course in September 2012. Returning Home/EU students will be charged a maximum of £3,465 in 2012/13 (subject to approval by Parliament).
New Home/EU undergraduates with tuition fee loans do not have to pay for their course upfront.
The Government will provide loans of up to £9,000 for all new eligible fulltime undergraduates from England and the EU to cover tuition fees. These are paid directly to the college or university.
Living cost loans and grants are available.
Living cost or maintenance loans and grants are available to full-time Home undergraduates. For details, see www.direct.gov.uk/studentfinance.
Graduates begin repaying their loan when they earn more than £21,000 a year.
Students begin repaying their loan after they graduate and their salary reaches £21,000 or more. The repayment rate is nine per cent of earnings over £21,000.
For example, a graduate earning £25,000 a year would pay nine per cent of £4,000 (£25,000-£21,000=£4,000). This amounts to £30 a month. Graduates earning less than £21,000 do not pay anything.
Video Explaining Student Funding From 2012 - Martin Lewis (MoneySavingExpert.com)
Student Finance Film
Further information is available from studentfinance-yourfuture.direct.gov.uk
