Table . The change in net financial position due to moving to the new funding
regime by parental income. £ p.a.
Family income
|
<£22,500 |
£25,000 |
£45,000 |
>£60,000 | |
|
Old system Costs of attending: |
1200 |
1200 |
1200 |
1200 |
|
Payments for attending: |
1200 |
943 |
0 |
0 |
|
Maintenance loan subsidy |
905 |
905 |
678 |
678 |
|
Net position |
905 |
648 |
-522 |
-522 |
|
New system | ||||
|
Costs of attending: |
3000 |
3000 |
3000 |
3000 |
|
Payments for attending: |
2700 |
2700 |
755 |
0 |
|
Bursary |
300 |
300 |
0 |
0 |
|
Maintenance loan subsidy |
676 |
676 |
773 |
767 |
|
Fee loan subsidy |
990 |
990 |
990 |
990 |
|
Net position |
1667 |
1667 |
-482 |
-1243 |
|
Overall gain from switching systems |
£762 |
£1019 |
£40 |
-£722 |
Figure . Change in net financial position in moving to the new funding regime, by
parental income.
Note illustration is for student in first or second year living away from home outside
of London. The spike in the figure between £22,500 and £25,000 reflects the new
entitlement to the full grant and the removal of partial upfront fees (see also Table 2).
Source: Goodman (2005). Author’s calculations, updated using DfES, LOAN,
GRANT AND FEE RATES FOR ACADEMIC YEAR 2006/07 MEMORANDUM 1:
SUPPORT AVAILABLE UNDER THE STUDENT SUPPORT REGULATIONS and
DIUS Press Release Increased Support for Students in Higher Education, July 2007.
See Table 2 for selected calculations by family income.
4. Distributional effects of the reforms: by graduate lifetime earnings
5.
In this section, we consider how the new reforms affect different individuals,
depending on where they end up in the lifetime earnings distribution as graduates. We
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