How will I pay back the loan?
Repayments will be automatically deducted from your income through the tax system from the April after you complete or leave the course but only when your income is more than £21,000 a year.
How much will the repayment be?
Repayments will be made at 9 per cent of your income over £404 a week, £1,750 a month or £21,000 a year. For example, if your income is £25,000 a year then your loan repayments would be around £360 a year or £30 a month. The repayments are based purely on income, not on the amount borrowed or number of loans. So, regardless of how much you owe, the repayments will be the same. If your income falls below £21,000, repayments will stop and only re-start when your income increases to more than £21,000.
Before taking out any loan, you should consider all your options. If you want advice on managing your finances, you can get impartial money advice from the Money Advice Service at www.moneyadviceservice.org.uk
For more information on loans and to apply, visit www.gov.uk/advancedlearningloans
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