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Repaying student loans

On student finance it says you repay 9% depending on your income. Does this cover both tuition fees and maintenance loans or do you repay a larger percentage if you took out the maintenance loan too?
Original post by _np02_
On student finance it says you repay 9% depending on your income. Does this cover both tuition fees and maintenance loans or do you repay a larger percentage if you took out the maintenance loan too?


It's the same percentage no matter how much you borrow. Payments continue until you pay off the full amount (tuition fee loan + maintenance loan + interest) or until your repayment term expires, whichever comes first. The current plan 5 repayment term is 40 years.
Reply 2
Original post by normaw
It's the same percentage no matter how much you borrow. Payments continue until you pay off the full amount (tuition fee loan + maintenance loan + interest) or until your repayment term expires, whichever comes first. The current plan 5 repayment term is 40 years.

Does interest rate double if you do postgraduate after or is it just the extra PG loan that gets added on top?
Original post by _np02_
Does interest rate double if you do postgraduate after or is it just the extra PG loan that gets added on top?


Repayments on postgrad loans are in addition to undergraduate repayments. Currently, postgrad repayments are 6% of earnings above £21,000. More info and examples:

https://www.gov.uk/repaying-your-student-loan/what-you-pay
Student loan repayments are based on your income, not the amount you borrowed. The 9% repayment rate applies to your combined tuition and maintenance loans once you earn above the threshold. Reading holborn assets reviews could give you some additional insights into managing your finances post-graduation. It's important to budget for these repayments, but rest assured that the percentage doesn't increase because you took out both loans. Stay informed about the repayment terms to avoid any surprises.
(edited 6 months ago)

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