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# Post Graduate Loan - Interest

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1. So I'll be studying a Ma in Photography in September and I plan on applying for the post graduate loan that you can apply for in June. However, I read that there will be interest on the first payment and so on.

My question is: how much is this interest and in the long run, what would I end up paying back?
2. As far as I know its on a par with other student loans so RPI +3% and you wont start paying till £21k. How much depends on how quickly you want to pay it back..
3. (Original post by 999tigger)
As far as I know its on a par with other student loans so RPI +3% and you wont start paying till £21k. How much depends on how quickly you want to pay it back..
I get that but for example, if I was given the full £10k how much would I actually pay back with interest? Or is the interest already added into the monthly repayments?
4. (Original post by AmyJade1993)
I get that but for example, if I was given the full £10k how much would I actually pay back with interest? Or is the interest already added into the monthly repayments?
The interest is added to the amount outstanding.
How fast you pay it off depends on what you salary is because the more you earn, the more you will pay off. This is due to it being 9% of the amount above £21,000 and we dont know how much above the threshold you would be.

Am I creating a circular argument here?

You cna mess avout with this, but its flawed since you have to make a big presumption on your earnings.
http://www.thecompleteuniversityguid...ent-calculator

Alternative you could enter your details in a basic loan calculator based on a known number of payments over a known period and see what the repayment amounts would be for an idea.
5. All i know is, that the normal 27k for 3yrs undergraduates, you end up paying back over 100k :/
6. (Original post by 999tigger)
The interest is added to the amount outstanding.
How fast you pay it off depends on what you salary is because the more you earn, the more you will pay off. This is due to it being 9% of the amount above £21,000 and we dont know how much above the threshold you would be.

Am I creating a circular argument here?

You cna mess avout with this, but its flawed since you have to make a big presumption on your earnings.
http://www.thecompleteuniversityguid...ent-calculator

Alternative you could enter your details in a basic loan calculator based on a known number of payments over a known period and see what the repayment amounts would be for an idea.
No No! It was just me having a seriously stressed out blonde moment

However, that calculate you posted was a god send and actually gave me enough information I need! It was a rough estimate but it will do!

I must be mental having done a BA and now an MA with this student debt on my shoulders...
7. (Original post by AmyJade1993)
No No! It was just me having a seriously stressed out blonde moment

However, that calculate you posted was a god send and actually gave me enough information I need! It was a rough estimate but it will do!

I must be mental having done a BA and now an MA with this student debt on my shoulders...
Good I thought i was going a bit mental, when you wnat an answer but we didnt have all the component parts.
I forgot to post this calculator which is a straight loans. Its more useful imo because it shows how you cna spread the cost over x number of payments. the other claculator makes a lot of presumptions, so id be a bit wary.

http://www.theguardian.com/money/loa...interest-rates
8. (Original post by bakedbeans247)
All i know is, that the normal 27k for 3yrs undergraduates, you end up paying back over 100k :/
That's how much debt you accrue. How much of that you pay back depends on how much you earn during the 25 years after you graduate. At the extreme end, if you earn below the repayment threshold throughout those 25 years then you repay nothing and the debt is wiped out without costing you a penny.

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