Hi there,
I have previously availed of an undergraduate loan in 2017 as well as a postgraduate loan in 2020. Currently, I am considering undertaking a part-time PhD and applying for a doctoral loan in order to cover the tuition fees association with this.
What I would like to know is whether the 6% repayments for my postgraduate loan and doctoral loan (should I take it) will be taken from the same pot or whether I will have to repay 6% per annum on each loan seperately?
To illustrate my question Iif it isn't clear will use arbitrary numbers. Lets say I borrow £1,000 as part of my undergrad loan, £1,000 as part of postgrad loan, and £1,000 as part of my doctoral. Obviously, if I am earning over £27,295 per annum I will 9% of my income over this threshold back. But what I am struggling to understand is whether I will repay 6% of my income for the postgraduate loan, and 6% of my income for the doctoral loan. This would leave me with a total income repayment percentage of 21% (9% undergrad + 6% post + 6% doctoral). Or is my 6% repayment for the combined pot of money borrowed for my postgrad and doctoral loan? This would make my total repayment 15% (9% undergrad + 6% postgrad & doctoral).
I hope this makes sense.