repayment

Repayment & Interest

You do not need to start repaying your loan until the April after you leave your course or you graduate - whichever is sooner and only when you are earning enough. You will be required to pay 9% of any income you have above the relevant threshold. You will be charged interest on your loan (s) from the moment you receive the first instalment(s) until you have paid them off in full. Interest rates vary as they are linked to the rate of inflation and in some instances, your income after you graduate.

Students from England

Started your course after September 2012

If you commenced your course in September 2012 you will begin to repay your loan once you are earning more than £21,000. Interest rates vary and will depend on the rate of inflation and also how much you earn after you graduate.

Started your course before September 2012

If you started university before September 2012 you will need to start repaying your loan once you are earning £17,495 or more. . The current interest rate is 1.25%.

Students from Northern Ireland

You will need to start repaying your loan once you are earning £17,495 or more. The current interest rate is 1.25%.

Students from Wales

Partial cancellation of maintenance loan

If you take out a maintenance loan in through Student Finance Wales you could have up to £1,500 cancelled from your student loan balance by the Welsh Government once you make your first repayment. You won’t be eligible for partial cancellation if you have any outstanding charges, costs, expenses or penalties in relation to your loan or if you’re in breach of your loan agreement.

Started your course before September 2012

If you started university before September 2012 you will need to start repaying your loan once you are earning £17,495 or more. The current interest rate is 1.25%.

Started your course after September 2012

If you commenced your course in September 2012 you will begin repaying your loan once you are earning £21,000 or more. Interest rates vary and will depend on the rate of inflation and also how much you earn after you graduate.

Students from Scotland

You will begin repaying your loan once you are earning £17,495 or more. The current interest rate is 1.25%.

Contact

If you want to find out more about student loan repayment terms and interest rates you can visit the Student Loans Company Repayment Portal or telephone 0300 100 0611.