Know your Facts about Student loans
Full-time students only need to start repaying their living costs loan in the April AFTER they graduate (or leave) at the earliest, no matter how long your course is.
What you repay solely depends on what you earn after university. In effect this is, financially at least, a 'no win, no fee' education. Those who earn a lot after graduating or leaving university will repay a lot. Those who don't gain too much financially from going to university will repay little or nothing.
Once you leave university, you only repay when you are earning above £1,750 a month (equivalent to £21,000 a year) and then it's fixed at 9% of everything you earn above that. Earnings mean any money from employment or self-employment and in some cases earnings from investment and savings.
Even if you've started repaying the loan, but then lose your job or take a pay cut, your repayments drop accordingly.
You stop owing either when you've cleared the debt, or when 30 years (from the April after graduation) have passed, whichever comes first. If you never get a job earning over the threshold, it means you won't have repaid a penny.
It's one reason those who are near retirement, who don't have a degree and want one, find it very appealing as unless they've a huge pension, they know they'll never have to repay.