Can someone please explain student loan to me

Can someone explain student loan to me for example if I borrow 40k do I have to pay 40k or do I have to pay more such as interest ect...
Explain?
And how much will you be eligible for maximum and minimum?

Nothing close to 40k

Maximum maintenance loan (the one you get to live off) is around 8 thousand (give or take some hundreds I can't remember the exact figure).

Minimum is close to half that.

You are charged interest and (like a tax) you pay it back from what you earn. As long as you earn over £25k/year. Whatever you earn over that amount is taxed for Student Finance repayment.

A tuition fee loan is different. You never see that money as it goes straight to the university, and you should end up paying some of that back too. £9 250 per year of study.

If you earn less than £25k/year then you don't pay a penny back until you dp go over that threshold. And after 30 years any existing debt owed is then cancelled.

Any more questions?

My cousins said after uni they were in 70k debt ~ how is that possible then?
And don’t you take a loan for accommodation as well ?

£9 250 x3 = £27 750 - that's just tuition.

£8k x3 = £24k

£24k £27 750 = £51 750

They'd need to have done a four or five year course to get to 70k.

£9 250 x3 = £27 750 - that's just tuition.

£8k x3 = £24k

£24k £27 750 = £51 750

They'd need to have done a four or five year course to get to 70k.

Accommodation comes out of your maintenance loan.

Oh right safe, so your basically skint through uni...😅
But anyway appreciate it lads ik how poor and in debt I will be in 2 years time aha