University leavers from England and Wales who started university in or after 2012 will be affected from April by the new initiative as the Government announces a plan to freeze the student loan repayment threshold. The Postgraduate threshold will remain at £21,000 from April.
This change has been at large in the news, with headlines that may scare prospective students, whilst they research generally about postgraduate studies and funding options. This change affects both undergraduate and postgraduate students, however with funding options not as clear for postgraduate students, it means it may have a greater negative effect on them.
How does this affect you?
Whilst this is a small change, it means that it will bring monetary thinking to the forefront of prospective students’ minds – especially those that are struggling with funding.
A great way to help combat this, would be to produce multiple articles/advice pages or mention within your emails different external articles, to show prospective students how to apply for funding, what other external routes there are, money management advice etc. ; it’s key to start this conversation and keep it open, to build their trust and prove how you can add value to them. Gaining this mindset about your brand early on, will help these prospective students steer towards you, when looking at their options.