Paying back loans
Your loans for living costs and tuition fees will be combined into a single debt when you leave university
You don't start paying them back until you earn more than £15,000 a year (or £1,250 per month or £280 per week).
You'll then repay 9% of any income over £15,000.
How much you pay each month depends on your income and is collected from your salary by the Inland Revenue in the same way as tax and insurance. After 25 years, any outstanding debt will be written off.
| Your income each year (2012/13 figures) | Your monthly repayment will be (2012/13) | Percentage of your income |
|---|---|---|
| Up to £15,000 | - | - |
| £16,000 | £7 | 0.6% |
| £17,000 | £15 | 1.1% |
| £18,000 | £22 | 1.5% |
| £19,000 | £30 | 1.9% |
| £20,000 | £37 | 2.3% |
More information:
- For the most up to date information on loan repayment, go to the Directgov website
- Applying for loans and other financial support
