Repaying your student loan

You will only start to repay your tuition fee loan and maintenance loan after you have left higher education and your annual income is at least £26,575.

You will only start repaying in the April after you leave higher education, even if you already earn over £26,575.

Repayments will be 9% of income above £26,575, so the amount repaid each month will depend on what you earn. For example:

• If you earn £26,575 per year the repayment would be £0 a month
• If you earn £27,000 per year the repayment would be £3 a month
• If you earn £29,500 per year the repayment would be £21 a month
• If you earn £31,000 per year the repayment would be £33 a month
• And if you earn £33,000 per year the repayment would be £48 a month

These amounts will be deducted automatically from your pay through the tax system if you're in employment, and if for any reason your income falls below £26,575 your repayments will be suspended. Separate arrangements will be made if you become self-employed, move overseas or retire.

What's more, there will be no charge for graduates repaying their loan early.

What are the details of the repayment scheme?

All outstanding repayments will be written off after 30 years.

For further information on the interest charged please see the Student Loans Company.