When will students have to start repaying their loan?
From 6th April 2018 the earnings threshold will increase and full-time students start to repay their tuition and maintenance loan in the April after leaving higher education but only when and if they are earning at least £25,000.
Part-time students will become liable to repay from the April after the fourth year of study (a part-time student starting in 2018 would become liable to repay from April 2023, but only if they are earning over £25,000).
What if they earn less than £25,000?
If for any reason the graduate's income falls below £25,000, their repayments will be suspended.
How much will students be repaying each month?
Repayments will be 9% of income above £25,000, so the amount repaid each month will depend on earnings. Please see GOV.UK website for more information.
How will interest affect the loan?
For information on the loan interest, please see the Student Loans Company website on how they calculate interest.
How long will students be making repayments for?
All outstanding repayments will be written off after 30 years.
How will students make the repayments?
This will depend on whether you are employed, self-employed or working abroad. Please see GOV.UK website for more information.