Repaying your loans
Repayments
It's about what you earn, not what you owe
If you have taken out a Maintenance Loan or Tuition Fee Loan via the Student Loans Company then the repayments will only begin once:
- you have left university and are in employment
- you are earning more than £26,575 a year
Repayments are linked to your earnings and not the loan itself, so the amount you owe in total will have no effect on your repayments. Instead the amount you repay per month is calculated on how much you’re earning above the threshold.
Loan repayments are calculated at 9% of the amount you’re earning over the threshold. The current threshold for repayments is £26,575/year.
So if you're earning £30,000 a year you will pay 9% of the amount you are earning over the threshold: 9% of £3,425 = £285. £285 spread over 12 months means that your monthly repayments will be £25.68/month.
The table below relates to students who started their education after 1 September 2012.
If you have taken out both a Maintenance Loan and Tuition Fee Loan the two loans will be added together and monthly repayments will be deducted from your salary on a sliding scale depending on your income.
| Salary | Amount of salary from which 9% will be deducted | Monthly repayment amount |
|---|---|---|
| £26,575 | £0.00 | £0.00 |
| £30,000 | £3,425 | £25.68 |
| £40,000 | £13,425 | £100.68 |
| £50,000 | £23,425 | £175.68 |
| £60,000 | £33,425 | £250.68 |
These terms are set by the government and are subject to change.
For more information about repayments, including a repayments calculator see the GOV.UK website.
Students from Northern Ireland, Scotland and Wales
If you normally live in Northern Ireland, Scotland or Wales, your government finance will be dealt with by the authorities in your own region. See the below websites for more information.
Northern Ireland: Student Finance NI
Scotland: Student Awards Agency for Scotland
Wales: Student Finance Wales