How do I repay my student loans?
How do I repay my student loans?
Answer
You will need to repay your tuition fee loan and maintenance loan but not any of the extra support grants you may receive. Repayments only start the April after you graduate and only once you are earning over the £21,000 per year income threshold. Repayments are set at 9% of your income over the threshold and are taken automatically out of your wages through PAYE. Interest charged on your loan is set at RPI + 3% whilst you are in study and until the April after you graduate, and then moves to a variable rate dependent on income from RPI to RPI + 3%.