00:00I think what's most important for prospective students and current students to know is this
00:07isn't really, for the vast majority of them, going to have any impact on what they pay
00:11back over time, which is largely symptomatic of the problems we have with our current system
00:17with the interest rates on student fees being so high. So adding a few hundred extra pounds
00:22onto the fees isn't going to make much difference. The only difference that is going to be felt
00:26are those that are paying it off in full, which are usually the wealthiest, the highest
00:29earners, and they're able to pay back more. So for most students, the fee change really
00:35isn't going to make any difference. So don't let it be concerning or off-putting. And it's
00:40really important to recognise that student loans are different from normal consumer loans
00:44in terms of the fact that they're secure, they don't affect your credit score in the
00:48same way, they get written off after a certain point when you reach a certain age, there's
00:54a minimum earning threshold before you have to start paying back compared to other loans
00:58where they're constantly taking money from you despite your circumstances. So it's an
01:03incredibly secure loan, so don't be off-put or worried about it. So we're somewhat relieved
01:09by the rise because we recognise that the higher education sector has been in need of
01:14some financial investment for quite a while. So this investment is really going to help
01:20keep universities afloat, but we do think it's a bit of a short-term solution rather
01:24than a long-term solution.
01:26It's reported that the university fee changes will affect students starting university next
01:31year, as well as current students, though it can be noted that some universities can
01:36have contracts that protect their students from fee hikes part way through a course.
01:42It helps institutions, but I don't think it's going to go far enough, but it might help
01:46them get back to where they were a few years ago before the pandemic where they were able
01:51to strategically invest to support students as best they could. But I think broadly it's
01:55important students know there is so much support available.
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