Interest on student loans

Does interest start straight away, and how much is it?
I started university in october and received the first maintenance loan of £1176.12, but have since withdrawn and want to pay back this loan.
However, student finance are pretty awful and don't really give any information about ANYTHING, could someone tell me if it's just the £1176.12 I have to pay back or would interest already have started?
Thanks

(edited 13 years ago)

Reply 1

lazy smurf

14

If its a GRANT you don't pay it back ever, if its a LOAN, the interest is earned from once you graduate.

Reply 2

modgepodge

14

I'm fairly sure interest is earned as soon as you take the loan. So you'll owe £1176.12 plus interest, which I think is 2.8% (I could be wrong). I calculate you'll owe them about £11 in interest if you pay it back now.

Reply 3

naomidawn

OP

9

Original post by lazy smurf

If its a GRANT you don't pay it back ever, if its a LOAN, the interest is earned from once you graduate.

Oops, I meant loan!

Reply 4

naomidawn

OP

9

Original post by modgepodge

I'm fairly sure interest is earned as soon as you take the loan. So you'll owe £1176.12 plus interest, which I think is 2.8% (I could be wrong). I calculate you'll owe them about £11 in interest if you pay it back now.

Do you know how we find out what the exact balance is? Student finance are so unhelpful!

Reply 5

hypocriticaljap

2

Original post by lazy smurf

If its a GRANT you don't pay it back ever, if its a LOAN, the interest is earned from once you graduate.

UTTER RUBBISH!

Your loan will have accrued interest at 1.5% since the day you received it.

Reply 6

hypocriticaljap

2

Original post by naomidawn

Does interest start straight away, and how much is it?
I started university in october and received the first maintenance loan of £1176.12, but have since withdrawn and want to pay back this loan.
However, student finance are pretty awful and don't really give any information about ANYTHING, could someone tell me if it's just the £1176.12 I have to pay back or would interest already have started?
Thanks

It will have accrued interest at 1.5% SINCE YOU GOT IT.