Graduate Endowment
If you are in the final year of an undergraduate degree, you will probably be liable to pay the Graduate Endowment of around £2,000. If you are liable, SAAS will write to you, although you do not have to pay until the April after you complete your course.
The Graduate Endowment was created by the Scottish Executive in 1999 shortly after the establishment of the Scottish Parliament, and is intended to be recognition of the financial benefit students will gain throughout their lifetime from their education. The money goes towards funding bursaries and other student support for future students.
The amount for those who started their degree in 2003-2004 (who are likely to be graduating this year) is £2,092, and the figure rises by inflation each year – for example, for those who enter higher education in 2006-2007 the amount is £2,289.
To pay the endowment, you have a choice. The money can be paid either directly to SAAS or you can take out an extra loan for the amount from the Student Loans Company. SAAS will contact you about this.
Generally, students who receive support from SAAS – including both Scottish and EU students – are liable to pay the endowment. There are, however various exemptions such as mature students, or those received Disabled Students’ Allowance or Lone Parents’ Grants. And of course if you did not complete your degree you will be exempt too.
For more information, visit the SAAS website at http://www.saas.gov.uk/existing_2001.htm#endowment or contact the SRC Advice Centre.