Loan interest
My tuition loan has just been accepted, I am starting to think about applying for maintenance loan too. I am just unsure about when does the interest of these loans begin. I take it that the interest begins once I start earning over £21,000 a year? Additionally I was wondering if I can only take out a certain amount from the maintenance loan?
Original post by BehindTheScreen
My tuition loan has just been accepted, I am starting to think about applying for maintenance loan too. I am just unsure about when does the interest of these loans begin. I take it that the interest begins once I start earning over £21,000 a year? Additionally I was wondering if I can only take out a certain amount from the maintenance loan?
Hi,
The interest on the loan begins as soon as you receive your first payment. You can apply for a specific maintenance loan if you wish to but there is a maximum you will be able to apply for.
Thanks, Duncan.
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