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    Hi guys,
    basically I've almost finished my AS year so I'm starting to look at universities, but I seriously don't understand the whole "student loan" thing.

    As far as I'm concerned, we borrow money from the government to pay for our tuition, but I've heard from a few friends that we only start to pay the fee back after we've settled down into a well paying job?

    Also I've heard that with our loan comes a monthly amount of money that we get (i.e. £300) to live on, is this true or is it general boasting?

    Any help would be greatly appreciated, even if it's just a little information on anything to do with student loans....I realise I must look like a noob.

    Please and Thank you!
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    (Original post by inthefloods)
    Hi guys,
    basically I've almost finished my AS year so I'm starting to look at universities, but I seriously don't understand the whole "student loan" thing.

    As far as I'm concerned, we borrow money from the government to pay for our tuition, but I've heard from a few friends that we only start to pay the fee back after we've settled down into a well paying job?

    Also I've heard that with our loan comes a monthly amount of money that we get (i.e. £300) to live on, is this true or is it general boasting?

    Any help would be greatly appreciated, even if it's just a little information on anything to do with student loans....I realise I must look like a noob.

    Please and Thank you!
    You are correct in that you borrow money from the government to pay for University. They loan you the money for your tuition fee's, as well as some living costs.

    The living costs come in three instalments, each at the beginning of each term (Usually October, January and April). How much you get depends upon what your parents earn. You can also get a grant (which you don't pay back) but, again, the amount depends on your parents income.

    You pay the loan back once you're earning over £21,000 per year. You pay it back at the rate of 9% of the different between £21,000 and whatever you earn. So if you only earn £25,000 per year you will pay just £30 per month back. It comes straight out of your wages, like tax, so you don't physically have to pay anyone, it's done automatic.
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    Great, that's helped loads!
    Thank you!
 
 
 
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