How does student loans work?

Ellie Skippings

How do they work and how do i apply?

Reply 1

Claire SFE

Official Rep

Original post by Ellie Skippings

How do they work and how do i apply?

Hi Ellie,

Are you going to university/college to study a higher education course? You can find out information on our products etc on our website here Student finance for undergraduates: Overview - GOV.UK (www.gov.uk)

Thanks,
Claire

Reply 2

normaw

Clearing and Applications Advisor, Universities Forum Helper

Original post by Ellie Skippings

How do they work and how do i apply?

A quick summary. You can apply for student finance for tuition fee and maintenance loans. Maintenance loans are means tested according to household income. You start making repayments the April after you leave uni and if you earn over £25,000 per year. You pay 9% of anything you earn over the £25,000 threshold. You make the payments for 40 years or until your loans are paid off - whichever comes first.

You can work out what maintenance loan you might receive using the following calculator:

https://www.gov.uk/student-finance-calculator

A worthwhile read about student finance (in addition to the link given above):

https://www.moneysavingexpert.com/st...ngland-plan-5/

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