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    Hello,

    How do you apply for a student loan? One where you pay back after you start earning £21,000? Only looking to cover the cost of the course.

    I have been looking online but not sure what I should be applying for. I need one for about 17K for this May.

    How do they work? Do they pay the course off for you then you pay back once you have started earning £21,000? And is that intrest free?

    Thanks

    Robert
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    Hi Robert,

    I am going to try to answer all of your questions, so bare with me

    The quickest and easiest way to apply for student finance is online at www.gov.uk/studentfinace and it can take up to 6 weeks to process your application so apply as soon as possible in order to get your money in time for you starting university. Once you apply, print your student declaration form, sign it and return it to them. When you register at university in September, you'll get paid. However, the application has not opened for 2017/2018 academic year yet but make sure to check up on it every now and then to keep on top of it.

    You only make repayments once you've left university and you income is over £21,000. If it's below that, they won't start taking money from you. If you're employed, repayments will be deducted from your income. The amount you pay back also depends on your income, not what you've borrowed. So you'll be paying back £30 per month, equaling to £4,000 a year, if your income is £25,000 a year. Yet you will be paying £105 a month, equaling to £14,000 a year, if you income is £35,000 per year.

    It isn't interest free. You're charged interest from the day of your first payment is made until your loan is repaid in full or cancelled. The interest rate is based on the UK Retail Price Index (RPI) and will vary depending on your circumstances.

    Hope this helps and good luck
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    (Original post by Tara_Mc)
    Hi Robert,

    I am going to try to answer all of your questions, so bare with me

    The quickest and easiest way to apply for student finance is online at www.gov.uk/studentfinace and it can take up to 6 weeks to process your application so apply as soon as possible in order to get your money in time for you starting university. Once you apply, print your student declaration form, sign it and return it to them. When you register at university in September, you'll get paid. However, the application has not opened for 2017/2018 academic year yet but make sure to check up on it every now and then to keep on top of it.

    You only make repayments once you've left university and you income is over £21,000. If it's below that, they won't start taking money from you. If you're employed, repayments will be deducted from your income. The amount you pay back also depends on your income, not what you've borrowed. So you'll be paying back £30 per month, equaling to £4,000 a year, if your income is £25,000 a year. Yet you will be paying £105 a month, equaling to £14,000 a year, if you income is £35,000 per year.

    It isn't interest free. You're charged interest from the day of your first payment is made until your loan is repaid in full or cancelled. The interest rate is based on the UK Retail Price Index (RPI) and will vary depending on your circumstances.

    Hope this helps and good luck
    That's covered everything for me. I have done some research on this too.

    Thank you for your help
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    (Original post by Rstarling)
    That's covered everything for me. I have done some research on this too.

    Thank you for your help
    Happy to help
 
 
 
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