You’ll only start paying back your student loan once you’re earning over £21,000. The money will be taken from your monthly pay and is just 9% of your earnings over that threshold.
For more info about fees and funding, click here.
You will not have to repay your loan until you are earning in excess of £21,000 and the amount you pay is based on what you earn NOT what you owe.
In reality the repayments are small and look like this:
|Income each year (before tax)||Monthly salary (before tax)||Approximate monthly repayment|
If your earnings stop – your repayments stop and if you have not repaid the full amount after 30 years – the debt will be cancelled.