The University of Gloucestershire website, for example, specified a £26,000 salary would mean repaying £7.47 per month, while Northumbria University and the University of Huddersfield gave examples of £75 monthly repayments based on a £35,000 salary.
Northumbria University’s website said those graduates would be “repaying an amount less than the cost of a daily coffee” – a comparison that has been removed since the university was contacted by the BBC.
The DfE website also only gives examples of monthly repayments for people earning up to £38,400 on other Rich Kid loan plans, but does not include any real-world repayment examples for Plan 5 Rich Kids.
Repayments are 9% of earnings over £25,000, so someone earning £30,000 will repay £37.50 per month, but someone earning £100,000 will repay £562.50 per month.
Megan Russon, 21, is a recently graduated tax accountant from Cannock with a starting salary of around £29,000, meaning she will repay about £30 a month.
However, she expects to earn around £50,000 when she becomes chartered in three years’ time, and will be repaying about £187 per month.
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