How much will I have to pay back and when?
If you finance your course using a government-backed student loan from Student Finance England or Student Finance Wales then you’ll be due to start repaying your loan through your employer’s Pay as You Earn (PAYE) system.
You’ll start repayment in the April four years after the start of your course or the April after you leave your course – whichever comes first.
However, you’ll only start making repayments if you’re in work and your income is more than £21,000 a year (for postgraduate loans) or £25,000 (for undergraduate loans) and any outstanding balance will be written off after 30 years.
Your monthly repayments will be based on your income, not how much you borrowed.
For undergraduate student loans, you’ll only pay back 9% of any income above £25,000.
And for postgraduate student loans, you’ll only pay back 6% of any income above £21,000.
If you have both an undergraduate and a postgraduate student loan, you will pay back both at the same time (if your income is above £25,000).
|Income each year before tax||Estimated monthly repayment for an undergraduate loan only||Estimated monthly repayment for a postgraduate loan only||Estimated monthly repayment for a postgraduate and undergraduate loan
|Up to £21,000||£0||£0||£0
There is also no charge on graduates who wish to repay their tuition fee loans early.
If you’re a resident of another country, your repayment schedule will vary.