When do I start repaying?
You are required to start repaying loans for fees and living costs in the financial year after you graduate.
Do I have to earn a certain amount of money?
Yes, you only start repaying loans if your annual income is above £25,000.
How do I repay?
Repayments are collected monthly through the UK tax system by HMRC, or through your annual self –assessment if you are self-employed.
How much do I have to pay?
The repayment rate is 9% of your income above the first £25,000, regardless of how much you have borrowed.
If, after 40 years you have not repaid the full amount, the remainder of the loan will be written off.
Repayment examples
Annual income before tax
|
Approximate annual repayment
|
£25,000
|
£0
|
£30,000
|
£450
|
£36,000
|
£990
|
£40,000
|
£1,350
|
Read Save the Student's Student Loan Repayment Guide 2024.