This is a guest post by Bryony Merritt, spokesperson for Birkbeck, University of London, and is in repsonse to the news article ‘Average students debts set to exceed £53k’ we published on 16th August 2011. All views are those of Birkbeck, University of London, and may not wholly reflect the views of compareandsave.com.

Over recent months there has been much coverage of the Government’s plans to increase tuition fees for higher education qualifications. For many, and particularly for mature learners, who may already be paying mortgages, car loans and raising families, it might seem that a university qualification is now out of reach. However, behind the headlines there are some pieces of good news which mean that going to university is now much more affordable and accessible, especially for mature learners who are more likely to study part-time.

Part-time study

At Birkbeck, University of London, which specialises in providing part-time higher education in the evenings, the average age of an undergraduate student is 33 years old.

Although part-time fees will increase in 2012, just like full-time fees, for the first time there will be no upfront costs for part-time students as the Government is making student loans available to part-time students.

Over 75% of Birkbeck students combine daytime work with evening study. This enables them to offset some of the costs of studying (e.g. books and travel) before they’ve even graduated.

Student loans are not like commercial loans

The government student loans which will be available to part-time students are not the same as a conventional debt, and there will never be debt collectors for student loans.

Part-time students only need to start repayments 4.5 years after they’ve taken the loan, or the April after their course finishes, whichever is earlier. However, as this is a new system, the earliest any student will begin to repay the new government loan for students is April 2016. And only then when their earnings reach £21k. Repayments are taken directly from salary, like a tax, and if for any reason their salary decreases, their repayments will decrease as well (or stop completely if their salary falls under £21k).

Under the new system, students will make smaller repayments each month than under the current system, and although this means that payments may go on for longer, after 30 years any unpaid debt is cancelled.  The size of the repayments made each month is not affected by the size of the loan; so whether you borrow £18k or £27k, you will still pay back the same amount each month, for up to a maximum of 30 years.

A student loan does not show up on your credit rating, so future applications for credit or mortgages will not be affected. Student loans do not pass onto family if you die either, so no-one else can be left paying off your debt.

Degree or not to degree?

Going back to education after a break, and perhaps after negative experiences with education as a child or teenager can be a daunting experience. For mature learners who are not sure whether a degree is right for them, there are a variety of shorter qualifications for which student loans will be available from 2012.

Certificates of Higher Education, which are taught at first year undergraduate level, offer a route into university study for people who don’t have traditional qualifications or have had a long break from formal study. They can be obtained in one to two years. For the first time in 2012 students will be able to access student loans to pay for these types of courses.

Monica Law, Birkbeck’s Head of Marketing and Recruitment says: “Although there has been a lot of negative press around the increase in tuition fees, loans for part-time students are really good news. For the first time, our students will be able to access higher education without having to pay upfront for their studies. We encourage applications from mature learners, and we don’t require A-levels from any applicants aged over 21; we make our own assessment of their abilities based on interviews, and the skills they have gained through work and other activities.”

Students who are still concerned about taking on debt should also find out about the grants available from colleges and universities. Birkbeck has a range of generous student finance options, and for eligible undergraduate students will consider waiving one year of fees or providing cash bursaries to cover the costs of books, childcare or travel to classes.

Visit the Birkbeck website for more information