Undergraduate part-time 2012/13 fees and funding
Repayments
The repayments on student loans from Student Finance England (UK/EU students only) have been designed to be manageable and realistic. Once you have completed your studies your tuition fee loan and your maintenance loan (if you take one out) will be rolled into one.
You can work out what your repayments will be on the BBC Student Finance Calculator.*
Nothing to pay upfront
You will only start making repayments once you have finished your studies and you are earning over £21,000 per year. You only pay 9% of the amount you are earning over £21,000. So if your salary is £25,000 per year you would pay back 9% of £4,000, which is about £30 a month.
Key facts
- If you earn £21,000 or less you won’t have to make any repayments
- The debt will be written off after 30 years
- The repayment amount each month is the same regardless of whether you borrowed £6k a year or £9k a year
- You will actually be paying back less each year than students on the current system
- Many people will never pay the loan back
The Repayment Process
The repayment process is simple as it will be deducted automatically from your pay packet through the tax system. Please see our table below for further guidance about how much will be deducted.
| Gross annual salary | Monthly income after tax | Monthly loan repayment |
|---|---|---|
| £21,000 | £1,367.85 | None |
| £25,000 | £1,597.85 | £30 |
| £30,000 | £1,885.35 | £67.50 |
Interest on your loan will be charged at inflation plus 3% while you are studying and up until the end of April after you leave university. From the April after you leave university if you are earning below £21,000, interest will be applied at the rate of inflation. Graduates earning between £21,000 and £41,000 will be charged interest on a sliding scale up to a maximum of inflation plus 3%. Graduates earning above £41,000, will be charged interest at thefull rate of inflation plus 3%.
For information further information go to www.direct.gov.uk/studentfinance
*UEL is not responsible for the content of external sites.
